A graphical representation of wind and even strength data could actually be used to try and trigger certain insurance pay outs. Hurricane Florence is going to barrel down on the Eastern Coast and this means that a new disaster relief is going to be needed. When hurricanes and other natural disasters strike, a whole ton of insurance professionals spring into action. You have people who are insurance adjusters and you also have agents who are working with other companies so that they can try and minimise fraud as much as possible. They also want to reinsure companies who provide the insurance as well. There really are so many people involved when things like this happen and the entire industry looks like a Russian doll the more you look at it. This could easily get out of hand. Of course, when you look at the end result you will soon see that the only thing standing between people, and their pay out is an army of professionals but it can be days or even weeks before these delays can happen. You would also have to try and avoid suffering any consequences while this is happening and this can make the whole situation even worse. So as you can see, things like this can happen and if you want to bring some kind of sense to that chaos then you will soon find that there are a few levels of redundancies and even inefficiencies in the process. Etherisc for example are working to try and make sure that parts of the process are automated wherever possible. They are doing this through their own self-executing code and they are also using smart contracts and code as well. They are doing this on the ETH blockchain. If this is successful then the work to try and move the insurance workflow would then be moved to a shared or even a distributed ledger of transactions. This could mean that people are able to get an automated pay out for any kind of support they need. For now however the victims of the latest hurricane are working hard to just try and survive. They are also having to wait for their money which when you think about it, isn’t really right. The company has come out to say that they would love to try and offer some of their policies in Virginia and they would also like to make sure that they protect some of the areas where a category four hurricane could possibly touch down. They believe that launching a product in more than one area however is not an easy task at all and that this could cause major problems in the future.
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Etherisc were founded last year and they are an open source platform. They wanted to try and help people to get insurance products and they did do all of this through the ETH blockchain. They managed to raise $3.6 million as a new coin offering and they did this as a start-up. They already helping other companies to write their own codes. When you plug in data from their trusted third parties you will then see everything from the flights that have been cancelled and even the wind speed as well. This means that they can play out events and it also means that they can decide on which events are automated as well. For example, when you look at Hurricane Maria you will soon find that this is an insurance provider that have been developed to try and help with issues such as this and they have managed to handle over 225,000 claims and they are all unresolved. They have been unresolved since the hurricane touched down. The problem is that there have been over 3,000 deaths lately and this is all because people do not have access to medicine and this soon after the disaster. Their plan is to try and begin writing policies and they are trying to prepare for the next hurricane season. After that they want to try and use wind data from the university to try and trigger certain insurance pay outs and other things elsewhere in the world. Their interpretation of the numerical weather will show how the hurricane transverses across the land and this can cause a ton of losses.