Category Archives: InsurTech

Auto Added by WPeMatico

Sri Lanka Gets Blockchain for Agricultural Insurance

Insurance brokers embrace Blockchain for providing agricultural insurance policies in Sri Lanka

Aon plc, the leading global professional services firm, in collaboration with Etherisc, Oxfam and InsurTech, unveiled a blockchain-based platform for the provision of agricultural insurance policies for smallholder paddy field farmers in Sri Lanka.

With the involvement of about 200 farmers in the same, the new solution comes as a blessing to deliver micro-insurances to sustain the risk of losing crops due to the prevalence of extreme weather, as per the report.

Hugo Wegbrans, the Chief Broking Officer of Europe, Middle East & Africa for Aon, said:

“Strong collaboration, such as this initiative with Oxfam and Etherisc, allows us to broaden the potential positive impact we can have on people, families and small businesses around the globe. At the heart of our work is a mission to empower economic and human possibility – and that is exactly what we are doing here.”

Farmers previously faced a lack of cost-effective and authentic insurance products, insufficient knowledge about the mechanism and ignorance of the claiming procedures. Blockchain technology will be used to address these issues through automated insurance products. Per the report, the automation will dumb down the complex claim procedure to facilitate the elimination of the need for the farmer to submit the claim and for the insurer to send a claims adjuster to the field. This will cut down on administration costs, paving the way for an increase in the percentage of premiums for claim payments as well as assured quick pay-outs.

Etherisc provides a decentralized insurance protocol to increase transparency and facilitate access to reinsurance investments. Michiel Berende, Chief Inclusive Officer at Etherisc, said:

“Farmers represent a third of the workforce and account for almost 20 percent of the economy, yet very few have insurance. This made Sri Lanka a perfect candidate to feel the benefits of decentralized, collaborative and automated insurance. This alliance is really a cooperation between all and showcases blockchain for social good.”

Oxfam in Sri Lanka (OiSL) is an organization that provides long-lasting solutions for economic development with a cross-cutting theme of peacebuilding and conflict transformation. Bojan Kolundzija, the Country Director of Oxfam in Sri Lanka, said that the launch of the blockchain platform marks an important milestone in establishing an affordable, minimal risk mechanism for the greater benefit of a large portion of the Sri Lankan economy.

As reported earlier, the crypto insurance industry has been expanding with the leading insurers such as Marsh & McLennan and Aon extending blockchain startup services to cater to the specific requirements of crypto protection. With the increase in demand for crypto premiums, insurers are perhaps driven towards low-cost services compared to the traditional counterparts.

 

BitcoinNews.com is committed to unbiased news and upholding journalistic codes of ethics. For more information please read our Editorial Policy here.

Follow BitcoinNews.com on Twitter: @bitcoinnewscom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Image Courtesy: Pixabay

The post Sri Lanka Gets Blockchain for Agricultural Insurance appeared first on BitcoinNews.com.

Insurtech Lemonade Valued $2 Billion After $300 Million Injection

Insurtech Lemonade Valued  Billion After 0 Million Injection

Fintech insurer and insurance tech (insurtech) firm Lemonade yesterday raised a fresh funding injection worth USD 300 million in a deal led by SoftBank Group. Although the company did not reveal its valuation, sources said to Forbes that this fresh investment now means that this Washington-based unicorn is now worth more than USD 2 billion.

Having previously raised in December 2017, a year after it launched, this latest round sees it flush with USD 480 million in investment, with backers this round including Allianz, General Catalyst, GV, OurCrowd and Thrive Capital.

Lemonade provides insurance to renters and homeowners and its success has seen it getting mentions in last year’s list of 2018 Next Billion-Dollar Startups. Renters are able to purchase insurance as cheaply as USD 5 while homeowners could buy protection from as low as USD 25.

With a platform on mobile and and web, the company has been looking into an expansion into other US states as well as across the pond to Europe. With offices in New York and Tel Aviv, CEO Daniel Schreiber said that a European headquarters was already set up in Amsterdam. He said:

“We’re not looking to create a small technology vendor or something else in this space. We are looking to create a dominant and technologically enabled insurance company on a global basis.”

Lemonade’s name in insurtech was made on its unique business model of using AI to issue policies and pay claims in minutes, eliminating conflict of interest between insurer and insured. It boasts some 300,000 customers and did USD 57 million in sales last year.

 

Follow BitcoinNews.com on Twitter: @bitcoinnewscom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.

Image Courtesy: Pixabay

The post Insurtech Lemonade Valued $2 Billion After $300 Million Injection appeared first on BitcoinNews.com.

Blockchain-Based InsurTech Gains Traction

Blockchain-Based InsurTech Gains Traction

More insurers are joining the cryptocurrency industry through blockchain-based insurtech startup B3i in an ongoing funding round, according to news outlet Tokenpost.

B3i started out as a consortium of five insurers and reinsurers to include Aegon, Allianz, Munich Re, Swiss Re, and Zurich, established to create value for the re/insurance industry through distributed ledger technology. In its latest funding round, it added three new insurers and reinsurers, thereby expanding its shareholders to 16, which includes some of the top insurance companies from across Europe, the Americas, and Asia.

Chairman of B3i and Group head of business transformation at Zurich Insurance Company Ltd, Antony Elliot said B3i community and network spans over 40 companies who represent “over half of the world’s reinsurance premium and major primary insurers”, thereby showing a significant interest from the insurance world.

The company seems to be living up to its expectation of building a community of shareholders who will drive value in the blockchain-insurance niche. “Following incorporation, B3i will grow its community of shareholders, partners, and customers and create an ecosystem of products and services developed by the market, for the market”, according to its website.

The company continues to experience funding success following its USD 6.35 million raise in March 2018 after its incorporation. As the consortium targets Q4 for the release of their product, it plans to grow the community even further. Overall, the company seemed pleased with the achievements so far, as Antony expressed:

“We are pleased to have strong ongoing financial and strategic support from the insurance industry. the company looks forward to addressing critical industry needs.”

Blockchain-based insurance has been identified as one of the five major tech trends that will reshape the insurance industry, as an EY report finds that:

“FinTech and InsurTechs have made significant inroads by designing powerful but focused applications that solve specific problems and deliver high-quality and intuitive digital experiences.”

As insurtech and blockchain threaten legacy insurance systems, “tomorrow’s insurance leaders must prepare for the adoption of blockchain and big data…”, the report suggested.

In December last year, US-based insurance company State Farm began a blockchain trial to settle insurance related cases aimed at streamlining the manual process of subrogation. Also, in Zimbabwe, an official of the Insurance and Pensions Commission (IPEC) recommended blockchain technology as an industry solution to failing insurance companies.

Bitcoin News recently reported how ignorance is one of the major hindrances to blockchain and cryptocurrency-related insurance adoption, and further heightened by the level of risk exposure in the industry, only a few insurers are willing to provide their services to crypto-related businesses. Further, a value in flight is expected to be a focal point for companies willing to adopt insurance, as other aspects may prove useful in the long run.

However, the increasing involvement from insurance companies seems to be encouraging. Perhaps this alongside other blockchain driven insurance startups may change the scape of insurance in the emerging digital asset class and its underpinning technology.

 

Follow BitcoinNews.com on Twitter: @BitcoinNewsCom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.

Image Courtesy: Pixabay

The post Blockchain-Based InsurTech Gains Traction appeared first on BitcoinNews.com.