RATE Group | Hurricane Victims Edge Closer to Automated Insurance Payouts With Ethereum
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Hurricane Victims Edge Closer to Automated Insurance Payouts With Ethereum

11 Sep Hurricane Victims Edge Closer to Automated Insurance Payouts With Ethereum

Posted at 23:28h in Ethereum News by

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A graphical representation of wind data for Hurricane Florence that could one day be used to trigger certain types of insurance pay-outs.

A graphical representation of wind data for Hurricane Florence that could one day be used to trigger certain types of insurance pay-outs.Colorado State University

As Hurricane Florence barrels down on the Eastern coast of the United States a new kind of disaster relief is on the horizon.

Currently, when hurricanes and other natural disasters strike, a whole fleet of insurance professionals goes into action. From insurance adjusters and agents working for insurance companies to minimize fraud, to reinsurance companies that protect insurance companies, and retrocessionaires that look after the reinsurance companies, the entire industry starts to look a lot like a Russian doll of loss prevention.

The end result of the complicated web of professionals that stands between a disaster and a payout can sometimes be weeks or months of delays while otherwise avoidable suffering continues unchecked.

To bring some sense to that chaos, and perhaps remove a couple layers of redundancies and…

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