Today Aon, the world’s second-largest insurance broker, formally announced its involvement in a blockchain microinsurance project targeting Sri Lankan farmers. The project is in collaboration with Oxfam and
Etherisc, the German decentralized insurance startup. The insurance policies are registered on the public Ethereum blockchain. So far, nearly 200 farmers have enrolled in the solution. It’s targeting 5,000 farmers for now.
Oxfam has leveraged its on-the-ground expertise and engagement with the farming community. “Allowing farmers to access the blockchain platform is an important milestone that is bringing an effective and affordable risk transfer mechanism to a large portion of the Sri Lanka economy,” said Bojan Kolundzija, the Country Director of Oxfam in Sri Lanka.
This is a parametric insurance project which automates the claims process based on weather events so that it’s not necessary for the farmer to make a claim or a claims adjuster to visit.
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