Yesterday insurtech Arbol and The Institutes RiskStream Collaborative announced that the dRe insurance solution had gone live on RiskStream’s blockchain platform. dRe uses smart contracts for reinsurance calculations on chain.
Arbol provides parametric insurance, which automatically pays out claims based on weather data and AI. One of its subsidiaries is a Lloyd’s coverholder, and it recently launched parametric offerings for the U.S. market underwritten by Beazley.
At launch the target for dRe is the automation of claims for severe weather events. When there’s a major storm, dClimate, a decentralized weather monitoring system spun off from Arbol, will register the event. Using the Chainlink blockchain oracle network, that data is fed into the smart contracts.
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