Day By Day, chaired by former telecommunications minister Stephen Conroy, says it has launched the world’s first insurance platform for real-world assets that is powered by blockchain and AI. 

The insurtech was founded by Bill Angelidis and Lee Cooper, a former Insurance House group COO and ProRisk executive. The start-up plans to raise $5 million to cover travel, vehicle and health, and to launch in Singapore and the southeast Asian market. 

“Launching Day By Day represents a thrilling leap forward in how insurance is understood and managed,” Mr Angelidis said. “It’s incredibly exciting to deliver a world-first solution from Australia, combining Web3 and AI to make insurance not only more flexible but also completely self-serve.” 

Melbourne-based Day By Day says it is unique in using non-fungible tokens, or NFTs, as policies and decentralised finance and smart contracts for underwriting. 

This allows users to own policies as “virtual brokers and to invest in underwriting reaping rewards from the premiums paid”.  

Transacting exclusively in digital currency, Day By Day says it will offer instant claims processing through AI and has “built the engine that will democratise, decentralise and disrupt the existing insurance industry while providing an option for the uninsured globally”.  

It says it offers transparent, instant, customer-centric insurance solutions built on the Algorand and Polygon blockchains. Customers can secure cover for items such as laptops, surfboards and watches quickly on a mobile device. 

“Personalised, on-demand insurance globally is now possible without any intermediaries,” it says.