First Insurance based on Blockchain (Part 05)

Today I will discuss the future prospects of this platform and some healthy features in the fifth part of the discussion series. Hope you will like this discussion like other discussions in the series. Those who have not read the previous posts should read the previous posts once to understand this.

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Etherisc no need for middlemen like brokers or agents. It is another smart way of reducing the overall cost of insurance premiums. The platform’s decentralized nature allows for more direct interactions between insurers and policyholders. This structure gives policyholders more say in how the platform operates, as opposed to traditional insurance companies. With smart contracts automating claims processing, payouts can be made much faster. Instead of waiting for weeks, policyholders can receive compensation within minutes of the claim conditions being met.

Although Etherisc started with flight delay insurance, its vision extended far beyond that. The platform’s long-term goal was to create a decentralized insurance ecosystem where anyone could create and offer their own insurance products. Etherisc started the journey to create the infrastructure based on smart contract templates and blockchain-based identity verification. This was a great opportunity for individuals and businesses to launch decentralized insurance products.

For example, crop insurance for farmers, hurricane insurance for coastal regions, or even niche products like gadget insurance could be developed on the platform. This flexibility was one of Etherisc’s most attractive features of the acceptance of the creation of custom insurance solutions that catered to specific needs. Such kinds of options were impossible with traditional insurers. Most of the discussed problems are overlooked by traditional insurance companies.

~ Regards,

VEIGO (Community Mod)