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Insurance Industry
Blockchain provides an independently verified dataset, removing the risk of insurers and consumers making judgments based on inaccurate or missing data. Blockchain (distributed ledger technology) delivers an unrivalled degree of trust, transparency, and immutability.
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Challenge 1:
Insurance firms suffer financially estimated 40 billion every year because of false claims.
Solution 1:
Detection of Fraudulent Claims.
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Time Effective
Challenge 2:
Reinsurance/participation in multiple risks.
Solution 2:
Unbroken records for reliable claims processing and automated data/information
exchange to speed up the process.
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Challenge 3:
On-demand insurance is a flexible insurance model that allows policyholders to turn their insurance
plans on and off with a single click. Managing the records is a challenge.
Solution 3:
It is now easier to keep track of ledgers (records). On-demand insurance providers may
use blockchain to maintain accurate records from the start of a policy to the end.
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Cost Effective
Time Effective
Challenge 4:
Microinsurance plans are profitable only if they are sold in large quantities. Microinsurance schemes,
despite their immediate advantages, do not gain momentum due to poor profit margins and high delivery costs.
Solution 4:
A parametric insurance platform may be built on the blockchain. As a result, insurers will need
fewer local agents, and "oracles" will be able to take the place of on-the-ground adjusters.