calculator-1680905_1920.jpg


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.

img_539700.png

Internet Security

Challenge 1:

Insurance firms suffer financially estimated 40 billion every year because of false claims.

Solution 1:

Detection of Fraudulent Claims.

img_539700.png

Internet Security

498-4989937_png-file-long-time-icon-png-

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.

img_539700.png

Internet Security

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.

img_539700.png

Internet Security

99-999796_lower-cost-icon-cost-reduction

Cost Effective 

498-4989937_png-file-long-time-icon-png-

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.