Aon Launches Blockchain Solution for Farmers
Aon has launched a blockchain-based platform for farmers in collaboration with Oxfam in Sri Lanka, an organization working to alleviate poverty, and Etherisc , a developer of decentralized insurance applications.
The new platform offers micro-insurance to smallholder paddy field farmers in Sri Lanka who are at risk of losing their crops due to extreme weather. Nearly 200 farmers have enrolled in the solution which uses a weather data index as a trigger to automate the claims process and eliminate the need to send claims adjusters into the field.
“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. 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.” – Bojan Kolundzija, Country Director of Oxfam in Sri Lanka.
“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. At the heart of our work is a mission to empower economic and human possibility – and that is exactly what we are doing here.” – Hugo Wegbrans, Global Chief Broking Officer at Aon.
“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 a cooperation between all and showcases blockchain for social good.” – Michiel Berende, Chief Inclusive Officer at Etherisc.