Parametric insurance & Blockchain : a new dimension to the ever young Insurance Industry

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      <subfield code="a">Parametric insurance and smart contracts seem made for each other. It's not the only type of insurance that will benefit from blockchain technology, but it probably represents the lowest-hanging fruit. It uses data sources and algorithms for underwriting and claims, and it's initiated by and paid to the policyholder based upon a set of specific parameters  hence, parametric along with a predetermined sum that forgoes the traditional claims process.Off-chain data sources (such as IoT device events) capture data on usage related to shared automobiles, homes, commercial spaces, etc. and offer on-demand utilization related policies. This gives rise to a whole new class of ondemand insurance products. Creating a no-touch, frictionless procedure can eliminate human error in the claims process and could
potentially save insurers millions every year and produce a better customer experience. Blockchain and parametric insurance have limitless possibilities

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