Etherisc Offers Blockchain Insurance Payouts in Wake of Natural Disasters like Hurricane Florence
Etherisc Offers Blockchain Solution for Automated Insurance Payouts
When disasters strike, there are so many things to worry about – taking care of family and pets, finding important documents, and preserving their home as much as possible. Filing an insurance claim to take some of the financial pressure off is complicated enough, but there are some companies that are trying to make the whole process a little easier, like Etherisc.
Etherisc employs the help of blockchain technology to make payouts faster for victims. Typically, the process of getting a payout can take weeks and months, which means that the victims have to wait even longer to start the healing process on any damage that happened. With Hurricane Florence coming, companies are working to make these payments happen quickly.
Etherisc is easily leading the rest of the industry in this effort, integrating blockchain in a way that helps make this process more efficient. The full goal is to transition the workflow on these insurance claims over to a distributed transaction ledger. By making the migration, they are actually driving the progression of the rest of the industry with their smart contract system.
Based on an April blog post, the company discussed how the Puerto Rican citizens have been working on an insurance solution, founded in Ethereum, that could help sufferers from Hurricane Maria. Two men involved in the storms, Joel Martinez and Jonathan Gonzalez, saw their communities go through a lot of damage, losing everything from electricity to even their homes. Without any way to make money in the area, the ability to work was even halted.
Realistically, the victims saw that the payout from their insurance companies was taking too long. Instead, the decentralized option that this company provides would let consumers to get back to their lives with the financial support they deserve. The co-founder of Etherisc, Renat Khasanshyn, wants the company to specifically work on preparing for the next hurricane.
The whole idea of using blockchain technology to streamline the insurance payout process is new, but blockchain has been applied to insurance services before. Many experts believe that this simple step can automate payments for other circumstances, while also saving on the cost that insurance companies incur during the claim process.