The blockchain ecosystem has recently seen a spate of innovative and disruptive platforms that focus on decentralizing a wide variety of different industries. Virtually all aspects of the finance sector have been targeted by forward thinking blockchain entrepreneurs, but there is one element of finance that has only recently begun to feel the impact of the blockchain revolution.
The incumbent insurance industry is ripe for blockchain based innovation, a fact that blockchain platform developers have recently become aware of. Disruptive platforms such as fidentiaX have begun to target little-known aspects of the insurance industry, such as the tradable policies market, while others aim to provide peer-to-peer insurance.
A new platform aims to provide completely decentralized insurance solutions, and has already launched a comprehensive flight delay insurance service based entirely on the blockchain. Etherisc is set to revolutionize a number of different insurance practices in order to advance the underlying technological architecture of the insurance industry.
In this article, we’ll take a look at the Etheris platform and find out how it plans to work to help you determine whether it’s worth keeping an eye on.
What is Etherisc?
Etherisc is a groundbreaking new blockchain based insurance platform that is focused on providing highly targeted insurance solutions. The Etherisc blockchain insurance platform utilized smart contract technology to facilitate end-to-end payment automation, enhancing efficiency and automation.
This technique also enables efficient risk model estimation and a semi-automated claims processing system that dramatically lowers operational costs, saving both consumers and providers on the bottom line.
The lower costs associated with the Etheris blockchain insurance solution provides developing markets with access to insurance solutions that would otherwise be unavailable, as well as making product verticals that have been previously unable to access insurance with a range of new options.
The digital asset nature of the Etherisc solution creates opportunities that allow insurance investors to structure exposure to an extremely broad range of investors. One of the major features of the Etherisc solution, however, is the transparency it offers, as all transactions on the Etherisc blockchain are publicly available and can be freely audited by third parties.
Etherisc currently offers a functional flight delay insurance model, as well as a social insurance model that is intended to provide lightweight and functional protection against rare disastrous events such as heavy illnesses. Interestingly, Etherisc also plan to offer automated crop insurance that pays out in the event of drought or flood, facilitated by smart contracts.
Etherisc ultimately aims to make the insurance claim process fast, seamless, and automated, enabling lower operational costs. Importantly, Etherisc also make their white paper and token mechanics plan publicly available.
The Etherisc Verdict
The Etherisc platform is a wholly unique approach to the insurance system and offers a major feature in the form of the transparency the blockchain technological architecture it is build on offers. The Etheris platform will operate on RSC tokens, which will be available in a crowdsale that is yet to be announced. If you’re interested in the potential applications of blockchain technology in the insurance sector, Etherisc is definitely worth watching.