NEAR Foundation awards Hillridge a grant to develop blockchain-based typhoon insurance
Hillridge, a software start-up addressing low rates of insurance for extreme climate events, has been awarded a grant by the NEAR Foundation.
Hillridge will receive US$200,000 to develop a blockchain-based parametric insurance platform for tropical storms. The platform will be piloted on typhoons in Vietnam.
Tropical cyclones, hurricanes and typhoons caused uninsured losses of $53 billion in 2020. Emerging economies suffer disproportionately, with less than 4% of the climate damages being insured.
“The climate protection gap has left hundreds of millions of people in tropical regions uninsured and exposed to catastrophic damage from typhoons, cyclones and hurricanes,” explains Hillridge CEO, Dale Schilling. “These are the vulnerable people who need financial protection, yet are unable to access insurance that many in the developed world take for granted.”
Traditional insurance relies on a high-cost operating model which is only suited for large contracts. Problems like fine print, manual processes, claims fraud and damage assessments that take months all create uncertainty and distrust, and deter insurance in emerging economies.
Typhoon insurance on the NEAR Blockchain overcomes many of these efficiency and transparency gaps. It uses parametric triggers based on storm location and wind strength to determine if payouts should be made. The trigger is provided by trusted, independent weather data sources. Payouts are typically made within 48 hours.
The automated nature of Hillridge’s solution means that policies can be offered at scale, for a fraction of the cost of traditional insurance. Users affected by typhoons—for example, homeowners or agriculture, aquaculture, logistics, retail, tourism or events workers—will be able to buy the insurance via their mobile.
“We are thrilled to support Hillridge’s mission to provide affordable climate insurance at scale,” says Erik Trautman, CEO of NEAR Foundation. “The NEAR Grants Program supports projects that share NEAR’s mission: to create a network that empowers millions of people to reimagine business, creativity, and community for a more scalable and inclusive future.”
About Hillridge
Hillridge Technology Pty Ltd is software company helping address the climate protection gap—low rates of insurance protection against weather perils—in agriculture and other climate-exposed industries.
While many individuals, farmers and small businesses struggle to protect themselves from droughts, tropical storms, and other major weather risks, they also miss out on weather derivatives and insurance that larger businesses can access. Because of this, we have made it our mission to help mitigate the financial impact of extreme weather. Our online platform connects the un-insured and under-insured to underwriters who can provide tailored coverage to protect against the weather risks that most affect them. Visit www.hillridge.com.au for more information.
Join the growing community at Hillridge on Twitter, Facebook or LinkedIn.
About the NEAR Protocol
NEAR is a high-performance blockchain that is designed to be super-fast, incredibly secure, and infinitely scalable. NEAR’s vision is to create a network that enables people to re-imagine finance, creativity, and community in new and inclusive ways.
NEAR is built by an award-winning team of engineers and entrepreneurs to be simple to use, inclusive and good for the environment. NEAR is backed by top VCs such as A16Z, Pantera Capital, Electric Capital, Dragonfly Capital, Coinbase Ventures, Blockchain.com, and Baidu Ventures. In October, NEAR announced that it has become a certified climate-neutral blockchain, partnering with South Pole.
Join NEAR’s community at Telegram, Discord or Twitter (@NEAR_Blockchain & @NEARProtocol).
Disclaimer
The press release is for information purposes only. None of this press release constitutes a solicitation, an offer, or a recommendation to make decisions, buy any products or services, or effect any transactions. Hillridge makes no guarantee, representation, or warranty that services and solutions described are appropriate or available to you. Hillridge does not assume any responsibility for damages or losses which may occur due to the use of the press release or its content.