The U.S has seen an unexpected amount of catastrophic natural disasters that have distraught communities and have left damages worth billions of dollars. The blockchain of Ethereum (ETH) is now potentially being adopted to tackle most of the resulting issues.
The total number of insurance requests to cover things such as lost or damaged cars and homes has become a big challenge for the insurance industry, as they have to quickly approve the requests of victims for funds in order to repair or replace damaged cars and homes as a result of the hurricane. It now seems like the insurance industry is adopting blockchain technology to enhance their efficiency.
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The Insurance Industry Set to Leverage Blockchain Technology
The present process of approving the huge number of requests that emerge after a natural disaster is pretty complicated and it begins with a team of agents and adjusters working to screen fraudulent requests from individuals that are trying to take advantage of the disaster.
As a result of the inefficient and intricate process of accepting and approving insurance requests, especially after disasters such as hurricanes, a lot of blockchain experts and insurance analysts see blockchain technology as the best possible solution to fix the issues of the industry.
Ethereum Blockchain Is Being Used to Streamline Certain Processes
Etherisc – a newly founded blockchain startup based in Switzerland – is working to provide viable solutions to the deficiencies of the insurance industry by using the blockchain of Ethereum (ETH) and smart contracts to streamline and automate some processes that are usually done manually by staffs.
In addition to being more cost-efficient, the automated solutions will also minimize human error and fraud that can be costly to insurance firms. If the system of Etherisc sees global adoption, it would definitely lead to automated insurance payouts, which would enable natural disaster victims to secure funding to cater to their immediate needs.