 Okay, let's start So we can start recording Hello everybody and welcome to my lightning talk for our Etheris project in Sri Lanka This was part of the Clio conference on Monday, and he had a conference on all those blockchain projects which are working in the area of social impact and we as Etheris together with our partners Oxxon and AMB have been building Crop insurance for small world of farmers in Sri Lanka And I just want to give you an overview on what has happened there What are we doing? What are the next steps and why it's blockchain important for this project? So first of all, what is micro insurance? We are working in this area of micro insurance or inclusive insurance. There are Millions of small-holder farmers around the world in most developing countries and these are farmers Which mostly have about one or two acres of land this small plot of land will feed the whole family and those people Mostly have no access to finance to insurance to banking In the meantime most of them have had a cell phone, but probably not a smartphone So no internet access very basic about these people around their living and it's a very important sector But if something extreme happens and you all know the climate changes and we have more and more climate catastrophes and these climate catastrophes are vital threat to these people and Single thunderstorm can destroy the whole harvest that means for six months the family doesn't have any income so obviously that is the case only for insurance and Inclusive insurance will cover this but as you can see here on this growth map the coverage for for Inclusive insurance is still on a very low level. So from the Total of 100% coverage, which would mean everybody has an inclusive insurance. We have 8% in Latin America We have 5% in the average in Africa and we have 7% here in the Asian and Oceania room so plenty of space is a huge potential and all big insurance companies has all Notice that's an opportunity for them. So they are all trying to dive into this But they don't understand the needs of the local people So we want to change this and this is why we work together not only with an insurance company, but also this and company oxon most of you know oxon is a company which is dedicated to alleviate the hunger and poverty in the world and They have offices all over the world and they are deeply rooted in the country and they have a network of Local people and that is exactly the contrast to the insurance companies which mostly have a nice office in Zurich at the Geneva sea Or something somewhere and But they are not rooted in the local countries. So why can't we do something with blockchain? So we try to bridge the option of oxon with the opportunities of the insurance companies trance companies have risk capacity and oxon has the rooting in the country and Oxon has no technology which is efficiently enough to cover the needs of these people So we built this this blockchain Blockchain helps to build insurance products, which are fully automated which have no Human agents or very small amount of human interactivity. And so they are very cheap They can run automatically and because we use blockchain. It don't need a super expensive protected IT infrastructure because the security of the system is Given by our blockchain smart contracts those smart contracts govern the whole process they They implement the whole life cycle of insurance policy. They are data driven So the as well the the input data the farmers data product data that is all stolen blockchain but also if a loss happens or For example a thunderstorm or a flood or a drought then this data is fed into the smart contract and then Automatically triggers the payout so the payout can be in ours or in in in minutes If people have access to online payment, which is not the case but in even if they have only access to cash then We can show the time between the loss and the payout to some hours or days, which is an extreme improvement So this is what we learned we have now conducted the first incident Sri Lanka in Sri Lanka. We have two monsoon sessions every year and monsoon means either drought or flood and Not it's not evenly distributed, but you have some small areas which are flooded and 10 kilometers away you have drought So it's a nice case for insurance because insurance always means you need risk, which is Not affecting everybody because if everybody would get a payout then the insurance company would quickly be broken and then you would not have an insurance anymore, but here in this case you have some areas which are affected and so the insurance product and this insurance product has been in the in place for about two years, but this very little usage and Because it's inefficient the processes are completely paper-based and We implemented the whole paper-based process now on blockchain and we reduce the time for processing from days to hours or from days to instant processing and That is some huge gain for these people So that is the learnings from the first season we we can reduce the time We can implement a huge efficiency, but of course there are still some challenges left as I told you Most people don't have smart phones don't have internet access and of course they have no idea of blockchain So the worst thing what we can do is hey guys we have a product with blockchain into it because nobody will understand so we of course will have a user interface and in the user interface you won't see any keys any any notes or any XR digital stuff but just a plain user interface and everything Connected with blockchain is happening in the background. Of course in the future. We plan to implement For example a payment system a crypto-based payment system in our partner Oxfam is already experimenting with this in another area of the world in Vanuatu They have their implemented a complete payment system. Yeah, people have phone application and they can pay with crypto with die in certain stores Which are especially prepared. They have cash machines which can accept die and so people can use their seed and Whatever and we try now to combine these initiatives or Integrated crypto payment system for these farmers that means we need somehow need to find out how we can Distribute devices for them to small and simple devices, which may be even in Seven between the use text messages something These are also nice Technological challenges. The other challenge is weather data The whole process is controlled by automated weather stations and the weather stations are distributed in the country transmit the data via wireless LAN or Some mobile cell connection, but these stations are still not reliable enough. So to cure this we need more stations smaller network the lower granularity of the stations and The second challenge and the third challenge is the onboarding process Currently the insurance company still needs to record all the data of the farmers and we try to decentralize this That in every village there is some responsible person the local farmers organization which records the data and Also promotes the product so the insurance company can offer the product at a very low fair So a lot of challenges and we can also go one step beyond we cannot only automate the whole insurance process But we can also in a second step Enable a risk transfer along the value chain. So for example There is an insurance in Sri Lanka and the People who benefit from this insurance in the long term are customers Europe So the the food the food companies which Distribute these goods in Europe in America or elsewhere. They have an interest that their farmers have a sustainable Production so they are interested that the farmers get an insurance. So we get a circle where people in Europe pay a small amount Part of the price of a certain good is transferred to the farmer and the premium is Reduced by by this piece of the of the price And so for the farmer the insurance becomes even more affordable because currently that is also a big obstacle that For these smaller farmers even the low insurance premiums are still a relevant factor in their cash flow so we try to reduce them and This needs a whole process of being we need to approve that The premium the money from Europe from the cost consumers is actually transferred to the insurance premiums And it's used for insurance premium and not for something else the same could be word for charity donations That's also a third oxon project where they collect charity donations and via blockchain nation is transferred to a certain place where there is a need and The whole transfer the whole process is transparent and this could also help to reduce the premiums And so this is a final picture We have a process where the farmer is protected. You have a processing of the policy in a blockchain system We have a mature business which is connected to the system and which provides the risk bearing capital and on the side we have the value chain and supply chain We are consumers pay and the money goes back to the farmer and helps to pay for the premium But this is something which has really big Future we hope that we can roll it out in a larger size next year we are planning the next season now with a factor of 10 to 20 of farmers and We are currently applying for a large round in the opinion community together with a big insurance company and with the help of aon and oxon and this would allow us to bring this to Not only to Sri Lanka, but also to Kenya, to Colombia, to other countries This is a very similar system Probably the perils are a bit different sometimes some people for some crop is affected not by rain But maybe of wind hurricanes or other perils pests and so on so this will be different But the logic behind will always be the same and of course we use the Isaris GIF system Which is something like an operating system for insurance So if you want to learn more about this then I Invite you to our specialized conference the D1 conf which we organize for the third time This year in Malta and Malta is a very beautiful island and even if you come just for Malta I think it's worth the trouble So behind on the table you can have some flyers and I would like to see all of you in Malta On the 5th and 6th November and discuss and learn and build together with us new ideas We have also some other projects like Nexus Mutual there and they are from the DeFi side of things So that all is one big community and we are happy to be part of it Thank you very much for your time and audience and have a nice time here at LF25