Today, decentralized insurance startup
Etherisc announced that its blockchain project with Aon and Oxfam had made its first payouts. The microinsurance initiative hopes to streamline the claims process for agriculture, by storing policies on public Ethereum and using automation.
Announced in July, the insurance blockchain was built for Sri Lankan farmers to lower costs and effectively cover risk. By automating the claims process based on weather catastrophes, insurer Aon can offer more affordable policies. Today it was revealed that the first payouts were delivered successfully.
“We are proud to have real-world, on-the-ground success from a blockchain solution for microinsurance,” Michiel Berende, Chief Inclusive Officer at Etherisc, said. “We are delighted with the first phase results, and we are excited to drive on and help more farmers.”
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