Historically, there were major barriers preventing farmers from utilizing insurance, including the lack of affordable and reliable insurance products, a lack of understanding about how insurance would help a farmer survive, and when and how a claim would be paid. Blockchain technology directly addresses those issues as the insurance products are automated. This automation transforms and simplifies the claims process so that a farmer does not need to submit a claim, and, at the same time, the insurer does not need to send a claims adjuster into the field. In addition, this process results in reduced administration costs and, subsequently, a higher percent of premiums being used for claims payment and immediate, fully trusted pay-out.
In this category we want to discuss all topics related to crop insurance.
Countless families and businesses struggle in the aftermath of hurricanes with insurance company delays of up more than 6-9 months and even complete non-payment, without an alternative. While many low-income individuals and small business owners cannot even afford existing policies to begin with.
For most people, an immediate infusion of cash when they are the most vulnerable can help them survive for the first 3-6 months after the storm, to pay for small repairs, a generator, gasoline, food, water, medicines, employees and other essentials.
On September 8, 2016, Etherisc launched the Flight Delay DApp (FDD) — the first decentralized insurance app on the Ethereum blockchain. The DApp enables users to insure their flights against delays or cancellations.
Two years on, FIightDelay had issued about 200 policies and paid out for about a dozen delayed flights resulting in an almost perfect zero-sum game with a loss ratio close to 100%.
The FlightDelay DApp is a perfect showcase to experiment with decentralized, parametric insurance.
Here’s the right place to discuss all related topics.
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