Ethereum Finds Use In Accelerating Hurricane Florence Insurance Process For Victims
Ethereum Finds Use In Accelerating The Insurance Process For Hurricane Florence victims
Currently, when hurricanes and other natural disasters strike, a whole fleet of insurance professionals goes into action. From insurance adjusters and agents working for insurance companies to minimize fraud to reinsurance companies that protect insurance companies and retrocessionaires that look after the reinsurance companies, the entire industry starts to look a lot like a Russian doll of loss prevention.
Between Harvey, Irma, Maria, and now Florence, the United States has seen an unprecedented amount of disastrous natural disasters that have devastated communities and have left billions of dollars’ worth of damages in their wake. Ethereum’s blockchain is now potentially being used to solve many of the resulting problems.
Due to the convoluted and inefficient process of accepting insurance claims, especially following disasters like hurricanes, many insurance analysts and blockchain experts see it as the best solution to fix the industry’s problems.
Etherisc Steps In
A newly founded Switzerland-based blockchain startup, called Etherisc, is working to provide solutions to the inefficiencies of the insurance industry by using the Ethereum blockchain and smart contracts to automate certain processes that are currently done manually by employees. In addition to being cheaper, the automated solutions will also reduce fraud and human error that can cost insurance companies a fortune.
Founded in 2017 as an open source platform, the company’s mission includes making use of the Ethereum blockchain to create insurance products. The infant company raised $3.6 million in its ICO and is already making waves in the insurance sector helping other companies make use of smart contracts.
Referring to one of the areas where Hurricane Florence could make a landfall, Etherisc co-founder Renat Khasanshyn stated that although the company would love to offer its services in Virginia, launching a product of this kind in multiple locations is no cakewalk. He added,
“Our plan is to begin writing policies for the next hurricane season in Puerto Rico.”