Blockchain technology will be used to address insurance-related issues for smallholder paddy field farmers in Sri Lanka. Affordable & reliable insurance products lacked, understanding related to the way through which the farmers would be helped for surviving with an insurance lacked, understanding related to the way through which the farmers would be given an insurance claim lacked, and having no idea when the insurance claim would be given to the farmers, are some of the barriers which stop the farmers from the insurance usage.
The extreme weather makes the farmers lose their crops. Micro-insurance will be provided to the farmers.
A British global professional services company called Aon plc, a Sri Lanka-based development organization called Oxfam, and a Munich-based Insurtech startup called Etherisc are three companies who have launched a blockchain technology platform for the farmers.
Insurance products will be automated. Claims processes will be revolutionized and simplified through this automation. No need for the submission of claims for farmers while no need for sending a claims adjuster for insurers. Administration costs can be minimized. Higher percentages of premiums can also be minimized.
The British global professional services company Aon plc is recognized as a leading company. Solutions related to risk, retirement, and health are provided through the company. It has 50,000 colleagues across 120 countries. Proprietary data & analytics are utilized for providing insights so that volatility can be reduced and performance can be improved. The Sri Lanka-based development organization Oxfam is known for working to reduce poverty. Helping people in creating better futures is a purpose of Oxfam. Handling problem which causes poverty and developing lasting solutions are missions of the Oxfam. While the Munich-based Insurtech startup Etherisc is known as a protocol developer related to decentralized insurance applications. Making buy and sell of insurance efficient than before is a mission of Etherisc.
The Sri Lanka-based development organization Oxfam has deep understandings of agriculture, agricultural insurance, and local farmers community engagement. The British global professional services company Aon plc has deep understandings of reinsurance and global insights. While the Munich-based Insurtech startup Etherisc has a knowledge of the integration of blockchain technology with insurance. Efforts of Oxfam are amplified through Aon plc and Etherisc. Sanasa Insurance Company Ltd (SICL) is a Colombo-based insurance company who is involved in this initiative with the aim of providing local expertise, networks, and operational execution, AON Mediaroom reported.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]