Welcome to Blocksure
To disrupt, or not to disrupt, that is the question:
Whether ’tis nobler in the mind to work
With brokers and insurers for outrageous fortune,
Or to take Arms against their sea of apathy.
I don’t think Shakespeare would mind us borrowing this……….
Disruptor, challenger or enabler — Insurtechs are changing the insurance industry for the better. They are either customer facing brands that are challenging the incumbents or working alongside them to improve how customers are served. Blocksure sits firmly in the enabler category but we are challenging the industry norms. We are a technology business that works alongside: -
- Current players — To radically change how insurance is delivered.
- New entrants — To deliver their new vision for insurance.
The core aspects of insurance must remain the same. A legal contract that protects customers against financial loss supported by the transfer of data and value — Blockchain is the ideal tool.
The majority of the industry has become focused on cost cutting rather than the customer experience. Less than 40% of customers report a positive experience (32% in the UK) and most feel their needs are secondary. The industry falls down in four key categories.
Incumbents have tried to use technology investments to drive improvements in financial performance or customer services but the benefits have been limited. Insurers are now faced with major challenges in delivering their financial targets.
In some cases, technology has had the opposite effect to what was desired e.g. brokers operating through price comparison sites, adding extra snouts in the trough.
We are now at a point where start-ups have grasped the issues and are using technology to provide customers with real value. The value chain is being shortened — The insuretechs are much closer to customers in terms of engagement, connectivity and offering. They are providing more appropriate products e.g. tailored, on-demand, mobile, faster claims payments.
Our initial target was to drastically improve data transfer, remove the majority of inefficiencies and use the cost benefits to build the “best in class” operating platform using blockchain technology. Our first PoC removed the need for most data processing across the intermediary/broker value chain. Once the concept was proven and major benefits confirmed we developed Blocksure OS.
Sales, administration and claims processing on a single platform for personal and commercial lines with integrated management information capabilities.
Real time administration across the value chain with no manual processing.
Blocksure’s secure policy and claims front end delivering a much enhanced customer experience.
Contact Blocksure at email@example.com to discuss a project.