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A think tank affiliated to George Washington University has found the US Administration wanting in its recovery plan for Puerto Rico, following Hurricane Maria. The hurricane was a Category 4 disaster but the plan only treats it as a Category 1 incident.
Legacy insurance and recovery plans are inefficient
Proving its Category 4 status, the region saw nearly 3000 deaths and millions of dollars in losses. Outdated insurance systems are unable to handle the pressure of Category 4 natural disasters, which has intensified problems for Puerto Rican natives. Several businesses were forced to shut down due to delays in insurance payments and/or non-payments.
Etherisc has created a faster system
Switzerland-based Etherisc will use blockchain technology and smart contract protocols to automate and significantly cut down the claims settlement process by eliminating manual entry. The project turned to reality when Puerto Rican developers Joel Martinez and Jonathan Gonzalez, reached out to Renat Khasanshyn of Etherisc to kickstart faster claims processing. In times of natural disaster, increased efficiency is a priority.
Etherisc has raised around $3.6 million through its ICO and has since assisted companies to migrate their old systems to smart contract-enabled blockchains. With its insurance innovation, Etherisc estimates that claims will be settled within 24 to 72 hours of a natural disaster. The system also has the ability to factor weather data into the payment of claims.
Widespread use and support for Etherisc
Etherisc’s protocol is currently being used by Puerto Rican tech startup HurricaneGuard to help the victims of Hurricane Maria. Several government organizations have also shown support for the blockchain-based insurance platform. Further support is expected for Etherisc, and the team has already been interviewed by National Public Radio.