On July 1st, global re/insurance broker Aon, struck a<a href="http://aon.mediaroom.com/2019-07-01-Aon-Oxfam-and-Etherisc-launch-first-blockchain-based-agricultural-insurance-policies-for-smallholder-farmers-in-Sri-Lanka"> deal</a> with Etherisc and Oxfam to come up with a blockchain-based insurance platform for small-scale farmers in Sri Lanka. This<a href="https://www.prnewswire.com/in/news-releases/aon-oxfam-and-etherisc-launch-first-blockchain-based-agricultural-insurance-policies-for-smallholder-farmers-in-sri-lanka-878929975.html"> partnership</a> is aimed at ensuring farmers receive a larger loot of the funding and very little directed to the administration.
Currently, farmers close to 200 have enrolled in the platform to attain micro-insurance for paddy field workers who risk losing their crops due to extreme weather.

The initiative is set to integrate <a href="https://www.cryptoknowmics.com/crypto/ripple-7-new-partners-craig-wright-has-no-bitcoin-facebook-scrutiny-rbi-blockchain/">blockchain</a> technology to automate the claims procedure so that the farmers won’t have to<a href="https://bitrss.com/news/137145/blockchain-based-insurance-platform-for-farmers-launches-in-sri-lanka"> submit</a> claims and claim adjusters don't have to be at the field to collect claims either. On that note, this deal is projected to reduce administration costs as well as make funding available to farmers in a timely fashion.

Forces that will be at work from this partnership will include the reinsurance expertise of Aon interlinking with Oxfam’s in-depth knowledge of the agricultural terrain of Sri Lanka and Etherisc’s awareness and implementation of blockchain technology. Sansa insurance, a partner of Oxfam in Sri Lanka, is also set to join suit to provide local know-how on networks and operational execution of the mandate.

Response from their Reps

Hugo Wegbrans, the Chief Broking Officer of Europe, Middle East and Africa for Aon had these to say:
<blockquote>“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,” he added, “At the heart of our work is a mission to empower economic and human possibility – and that is exactly what we are doing here.”  </blockquote>
Meanwhile, Bojan Kolundzija, the Country Director of Oxfam in Sri Lanka, commented:
<blockquote>“Oxfam in Sri Lanka expertise in climate-smart agriculture and our long-standing engagement with farmer communities provides us with in-depth knowledge about the opportunities and challenges that farmers have to climate and weather events.”</blockquote>
He further explained,
<blockquote>“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.”</blockquote>
Michiel Berende, Chief Inclusive Officer at Etherisc, added:
<blockquote>“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 cooperation between all and showcases blockchain for social good.”</blockquote>
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Aon, Etherisc and Oxfam Partner up to Introduce Blockchain-based Insurance initiative for Farmers in Sri Lanka

Am Wayne, a Blockchain enthusiast and expert in crypto trading. Currently, I cover trendy issues on digital currencies.

Aon, Etherisc and Oxfam Partner up to Introduce Blockchain-based Insurance initiative for Farmers in Sri Lanka

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