Etherisc, Aon and Oxfam Launch New Blockchain Insurance Platform For Sri Lanka Farmers
- Etherisc, Aon and Oxfam released a new blockchain insurance platform in Sri Lanka
- The goal is to make farmers have a better experience with their insurance services
A new blockchain-based insurance platform for farmers in Sri Lank has been unveiled by Etherisc, Aon and Oxfam. The information was released by Aon in a press release uploaded on July 1st. The main goal behind this platform is to deliver micro-insurance to smallholder paddy field farmers in Sri Lanka.
Blockchain-Based Platform Unveiled In Sri Lanka
Aon is a leading global professional services firm that provides a broad range of risk, retirement and health solutions. The firm has been working with Oxfam, an organization that wants to reduce poverty, and Etherisc, a firm that is developing a protocol for decentralized insurance applications.
The Director of Oxfam in Sri Lanka, Boja Kolundzija, explained that Oxfam in Sri Lanka has a wide knowledge in climate-smart agriculture and long-standing engagement with farmer communities. This allows the firm to know which are the opportunities and challenges that farmers have regarding climate and weather events.
By using blockchain technology, there will be an effective and affordable risk transfer mechanism that would improve the economy in the country.
Farmers had many issues to deal with insurance, including the problems they had to access to affordable and reliable insurance products. The new blockchain-based network addresses these issues making product insurance an automated process.
With the new network, farmers do not have to submit a claim and the insurer does not need to send a claims adjuster into the field. Furthermore, administration costs are reduced, increasing efficiency and productivity.
Hugo Wegbrans, the Chief Broking Officer of Europe, Middle East & Africa for Aon, commented:
“Strong collaboration, such as this initiative with Oxfam and Etherisc, allows us to broaden the potential positive impact we can have on people, families and small businesses around the globe. At the heart of our work is a mission to empower economic and human possibility – and that is exactly what we are doing here.”
Michiel Berende, the Chief Inclusive Officer at Etherisc, explained that farmers represent a third of the workforce and 20 percent of the economy in Sri Lanka. Thus, the country is a very good candidate to test the benefits of decentralized, collaborative and automated insurance.