The first smart contract for public transportation insurance has been concluded in Russia

Sogaz has entered into a smart contract with Moscow Metro to insure Russia's first unmanned streetcar, the Lion-Moscow model. The car itself and additional equipment - cameras, lidars, radars and other equipment - are protected, the insurer's press service said.

The streetcar runs along the route No. 10 in test mode. Now the second stage of the launch of innovative transportation is underway.

The smart contract is concluded with the use of VTB Bank's program complex. In case of an insured event, the damage is calculated online, and the payment to the insured is sent to the insured within one day. The contract also provides for the possibility to conduct operations in digital rubles in the future.

According to Anton Ustinov, Chairman of the Management Board of JSC Sogaz, the smart contract is a revolutionary step in insurance, which allows automating processes, minimizing errors and accelerating payouts.

"Such contracts guarantee transparency and trust between all parties to the transaction. Combined with settlements in the digital ruble, we get a powerful tool to improve the efficiency and security of operations, strengthening the independence and sustainability of the entire financial system," he said.

The computer algorithm independently monitors and ensures the fulfillment of obligations under the contract, specified Maxim Liksutov, Deputy Mayor of Moscow for Transport and Industry. "The automation of document flow allows for faster fulfillment of contract terms and settlements in case of an insured event," he emphasized.

Vitaly Sergeichuk, Member of the Management Board of VTB Bank, added that the technology is applicable in absolutely different business tasks and processes.

"Combining this solution with the digital ruble opens up new business opportunities: now translation, transaction programming and information management are linked into one whole. It no longer matters in which bank an account is opened and whether there are funds exactly on it at the time of an insured event, the main thing is the availability of the digital ruble account and the funds on it," he concluded.