Sunday February 28, 2021
Bitcoin (BTC) $43,740.00   Ether (ETH) $1,318.41
  • Events
  • News
    • Blockchain Technology
    • Capital Raising
    • Crypto Exchanges
    • Crypto Payments
    • Gaming & Betting
    • Networks & Protocols
    • Security
    • Vendor Technology
    • Wallets
NEWSLETTER SIGNUP
EXCHANGE 300+ COINS
CryptoNinjas
  • Crypto & Blockchain Links
  • Real-Time Market Data
  • Bitcoin ATM Map
  • Token Offerings/Listings
No Result
View All Result
CryptoNinjas
No Result
View All Result
Home Blockchain Technology

Etherisc to host first blockchain-based hurricane insurance policy in Puerto Rico

Published by CryptoNinjas.net
04/24/2018
Etherisc to host first blockchain-based hurricane insurance policy in Puerto Rico

Etherisc, a decentralized insurance platform for collectively building insurance products, has today announced its support for the first blockchain-enabled insurance product to combat catastrophic weather events in Puerto Rico.

The hurricane insurance policy on Etherisc’s blockchain platform will help to alleviate the strain of dealing with traditional insurance companies after many small businesses and low-income households hit hard by Hurricane Maria experienced delayed claims and refusals to pay out policies.

Developed in just 90 days by local Ethereum engineers, the policy will enable one of the first real-world use cases of decentralized insurance and demonstrates how Etherisc-based insurance templates can be customized to manage and mitigate risks for communities around the world.

Etherisc Co-Founder Renat Khasanshyn said: “Six months after Hurricane Maria, many Puerto Rican residents and local business owners are still waiting for their insurance claims to be paid. Many have been forced to wait months for claim assessments or payouts. Residents are left without roofs over their homes, without money for repairs, and without a safety net for income loss. As a result, many people have left the island.”

Etherisc’s decentralized insurance protocol removes the need for large, traditional insurance companies to be involved, using a library of automated smart contracts to record transactions in a secure and transparent manner. The technology takes the middleman out of the insurance equation, dramatically reducing the cost of household and small business policies. In addition, the protocol automates premium calculations and claims payouts so policies are faster and cheaper than traditional insurance.

Etherisc Co-Founder Stephan Karpischek said: “Only half of all Puerto Rican households are covered by policies that protect against wind damage. This is particularly alarming when we consider how often the country is battered by catastrophic storms. Such events have far-reaching socioeconomic consequences, with Puerto Rico faced with the devastating loss of an estimated 470,000 residents as a direct result of Hurricane Maria alone.

“When we were approached by two developers in the country to create a customized policy that would meet the needs of Puerto Rican residents, we saw an incredible opportunity to help the Islanders and showcase just what Etherisc and decentralized insurance can do. By using Etherisc-provided common infrastructure, open-source product templates, and insurance license-as-a-service, they are able to build a tailored policy for Puerto Ricans that was both affordable and accessible, without the huge premiums, delays, and frustrations of traditional insurance. This is exactly what we envisioned for Etherisc – an open protocol for entrepreneurs to collectively build and bring to market truly innovative insurance products.”

The hurricane insurance is also designed as a “parametric insurance,” meaning it uses a set of predetermined weather parameters to trigger a fixed payout immediately. This type of policy also lowers premium costs, helping to make insurance more affordable for low-income families and small businesses.

“It’s inspiring to see the Etherisc platform already being used in a way that will have life-changing impacts for people who traditionally struggle with brick and mortar institutions, or simply cannot afford to protect themselves. The hurricane insurance is the first use case that embodies our belief in what insurance should achieve – helping people solve real problems and manage risks in their communities,” added Co-Founder Stephan Karpischek.

7
SHARES
FacebookTwitterLinkedinRedditE-MailTelegram

Related News

Etherisc releases demo of decentralized flight insurance product using Chainlink
Vendor Technology

Etherisc releases demo of decentralized flight insurance product using Chainlink

02/06/2020
Etherisc to begin open sourcing its decentralized insurance protocol
Featured

Etherisc to begin open sourcing its decentralized insurance protocol

01/24/2019
KR1
Investment Management

Blockchain investment company KR1 invests in FOAM, Althea Mesh, and Etherisc projects

09/11/2018
Etherisc launches consortium to bring increased protection to crypto lending market
Services

Etherisc launches consortium to bring increased protection to crypto lending market

07/10/2018
Etherisc's mission is to build decentralized insurance application
Token Offerings/Listings

Etherisc begins token sale for blockchain powered insurance

02/27/2018
Load More
Leave Comment

Where to Exchange

Bit2MeLeading Spanish Bitcoin ExchangeVisit
BL3P
European Bitcoin ExchangeVisit
ChangellyExchange & Buy 150+ CryptocurrenciesVisit
itBitAmerica's First Regulated Bitcoin ExchangeVisit
  • Trending
  • Latest
Glow programming language brings smart contract simplicity to Cardano

Glow programming language brings smart contract simplicity to Cardano

02/26/2021
This was avoidable – The lost Bitcoin fortunes

This was avoidable – The lost Bitcoin fortunes

02/26/2021
ZelaaPayAE deploys Pundi X's merchant crypto payment solutions for UAE

ZelaaPayAE deploys Pundi X’s merchant crypto payment solutions for UAE

02/24/2021
Anchorage raises $80M Series C, led by GIC, Singapore's sovereign wealth fund

Anchorage raises $80M Series C, led by GIC, Singapore’s sovereign wealth fund

02/25/2021
Tendermint invests in Tgrade to bolster Cosmos' growing DeFi ecosystem

Tendermint invests in Tgrade to bolster Cosmos’ growing DeFi ecosystem

02/24/2021
Crypto platform NetCents to offer users access to DeFi protocols thru Vesto

Crypto platform NetCents to offer users access to DeFi protocols thru Vesto

02/27/2021
SmartKey to integrate with GeoDB to build the blockchain-based data ecosystem

SmartKey to integrate with GeoDB to develop blockchain-based data ecosystem

02/26/2021
This was avoidable – The lost Bitcoin fortunes

This was avoidable – The lost Bitcoin fortunes

02/26/2021
Bitcoin exchange Xcoins receives In-Principle Approval for Malta's VFA license

Bitcoin exchange Xcoins receives In-Principle Approval for Malta’s VFA license

02/26/2021
Token-based commodities DEX Mettalex launches on Binance Smart Chain and Ethereum

Token-based commodities DEX Mettalex launches on Binance Smart Chain and Ethereum

02/26/2021
  • Home
  • Directory
  • Data
  • About
  • Contact
SUBSCRIBE

© 2016 - 2021 CryptoNinjas Disclosures | Privacy Policy

  • Home
  • Crypto Links
  • Market Data
  • Blockchain Tech
  • Exchanges
  • Capital Raising
  • Vendor Technology
  • Token Offerings/Listings
  • Payments
  • Wallets
  • Bitcoin ATM Map
  • Conferences & Events
  • About
  • Contact

© 2016 - 2021 CryptoNinjas Disclosures | Privacy Policy


Go to mobile version