5 Companies Using Blockchain To Revolutionize Insurance
Blockchain is one of the most revolutionary technologies that has paved the way for transformational changes across the different industry segments. Among the different businesses that benefit from Blockchain, the focus of this blog will be on the insurance segment. Claim settlement, KYCs, paperwork and other issues consume a lot of time and money. With Blockchain, we can expect the insurance segment to become more efficient.
Different areas which need attention:
Before exploring how Blockchain will help the insurance sector, and illustrating the name of the companies which are actively working in this domain, let’s highlight the problem areas:
1. Claim management- The first area which needs attention is claim management. With the help of Blockchain, we can automate the processes of claim submission, thus fasten up the pace of claim management.
2. Peer-to-peer insurance- We all know that Blockchain works on peer-to-peer networking. And this feature of Blockchain can prove useful in the insurance segment as well. With the help of Blockchain, one gets instant payment in case of the insurance demand event surges.
3. Reinsurance — With the help of Blockchain, the insurance companies can directly get real-time data from the insurers. Thus reducing the operational cost.
4. Fraud Detection & Risk Prevention — One of the key areas that need to be addressed is fraud and risk detection. With the help of Blockchain, one makes claims which are far more reliable. It also entitles the policyholder to get a higher premium.
Companies that are actively leveraging Blockchain technology in the insurance sector:
- Black — This company is working to open up the decentralized market for crowdfunding. Black is a digital insurance company that works on using Blockchain solutions for the insurance segment.
- B3i — Startups like B3i are providing insurance solutions using the Blockchain platform.
- Immediate — Smart contracts are one of the biggest assets of Blockchain technology. It helps in the automated execution of the contracts, thus helping in faster payment. Immediate is a company that is powered by the Zilliqa blockchain solution. It is working towards making policies transparent by using smart contracts.
- Lemonade — This is, yet again, a startup company that offers AI and Blockchain-based insurance solutions to homeowners and renters.
- Tierion — When it comes to Blockchain, it is here to simplify the task, make it less time-consuming, and Tierion works in the same direction. It verifies the data, files and processes.
Blockchain-based solutions are transforming the industry. Whether it is the insurance segment or any other industry, every industry needs technological aid that can fasten its processes and make them more efficient.
Blockchain developers are working in the same direction. They are working to provide the best and infallible blockchain-based solutions. In the times to come, we are going to witness a rise in the demand for Blockchain professionals. If you are also willing to make a good career growth, then acquainting yourself with the Blockchain skill is paramount. Connect with the Blockchain Council to know about the various Blockchain certification programs and Blockchain training.
The operational inefficiency of insurance sectors, like lots of paperwork, time-taking claim settlements, and risk of becoming subject to fraud, hamper the industry’s seamless functioning. With the help of Blockchain, all these uncertainties can be easily overcome. It makes claim settlement easier and faster, ensuring data security and automates the process.