Purpose

We are building Chamomile, a groundbreaking platform that utilizes ZK tools, libraries, and protocols to enhance privacy, security, and efficiency of insurance policies in Web3.

What is the problem?

Web3 insurance companies face various challenges in protecting the privacy of customer data and the security of transactions, especially in the context of digitalization and the growing use of distributed ledger technologies. Specifically because an individual or entity with an on-chain insurance policy can be come a target for bad actors.

Further to this, traditional methods of verifying and validating consumer data often require the disclosure of sensitive information, exposing customers and providers to potential privacy breaches and malicious actors. This could impact consumers in both the process of acquiring a policy as well as making a claim.

Additionally, the web3 insurance sector struggles with complex and inefficient processes, which can lead to high costs and slow response times for customers. This is further exacerbated by the lack of developer-friendly tools and frameworks for implementing privacy-preserving solutions in the industry, limiting the adoption and understanding of ZK technology and its potential benefits.

What is our solution?

Chamomile aims to address these challenges by providing an open-source toolkit and framework for designing, implementing, and managing privacy-preserving insurance policies using ZK proofs. Our platform will focus on the following key aspects:

• Privacy Preservation: By leveraging ZK proofs, Chamomile enables the verification and validation of consumer identities without disclosing sensitive customer data.

• Security Enhancement: Utilizing the inherent cryptographic properties of ZK proofs, Chamomile protects against potential fraud and malicious actors within the web3 ecosystem.

• Process Efficiency: Through the use of ZK technology, Chamomile streamlines the verification and validation processes, resulting in reduced costs and faster response times for customers.

• Developer Adoption: By offering a comprehensive library, developer tooling, and educational resources, Chamomile simplifies the process of integrating ZK proofs in finance applications, fostering innovation and wider adoption of ZK technology in the industry.

Impact on Insurance Forms

Camomile can help streamline the issuance of the ISO's ACORD (Association for Cooperative Operations Research and Development) forms by leveraging zero-knowledge proof (ZK) technology to enhance the privacy, security, and efficiency of the forms processing.

Here's how Camomile can contribute to streamlining ACORD forms:

• Data Privacy and Security: Camomile can integrate ZK proofs to verify and validate the required data for ACORD forms without revealing sensitive customer information. This ensures the privacy and security of the data while reducing the risk of breaches or misuse of personal information.

• Automation and Efficiency: By integrating ZK proofs into the ACORD forms process, Camomile can enable the automation of verification and validation processes. This reduces manual intervention, human errors, and time-consuming paperwork, leading to a more efficient and streamlined process.

• Interoperability and Data Exchange: Camomile can facilitate the secure and private exchange of data between different parties involved in the insurance process, such as brokers, carriers, and policyholders. This will improve communication and collaboration while maintaining data privacy and confidentiality.

• Simplified Compliance: Leveraging ZK technology, Camomile can help insurers ensure compliance with data protection regulations like GDPR and HIPAA while processing ACORD forms. This simplifies the compliance process and reduces the risk of potential fines or legal consequences.

• Developer Adoption: Camomile can provide a library of tools, resources, and educational materials for developers to integrate ZK technology into ACORD forms processing systems. This will encourage wider adoption of ZK proofs in the insurance industry and promote innovation in privacy-preserving solutions.

By implementing these measures, Camomile can help streamline the issuance of ACORD forms, making the process more secure, efficient, and privacy-focused. This would ultimately lead to a better experience for all parties involved in the insurance process.

How we will use funding

The funding provided will be instrumental in the development and launch of Chamomile. Specifically, we will allocate the funds as follows:

a) Platform Development: Expanding our team of developers and experts to build the technical infrastructure, including ZK proof libraries, policy design tools, and user interfaces.

b) ZK Proof Research: Engaging industry experts and researchers to develop privacy-preserving insurance policies and ZK circuits tailored to the unique challenges of the insurance industry.

c) Marketing and User Acquisition: Creating and executing marketing campaigns to raise awareness of Chamomile and attract developers and insurance industry professionals to the platform.

d) Community Building: Establishing a dedicated community for developers and insurance professionals interested in ZK technology and Chamomile, providing support, feedback, and collaboration opportunities.

e) Operational Expenses: Covering the day-to-day expenses associated with running the platform, including personnel costs, office space, and technology infrastructure.