Insurance is key driver with blockchain acceleration
Reviewing and compile blockchain industry topic, updating market references and research environment.
Today, we are picking up insurance and crypto, blockchain related updates.
By increasing the crypto related business expansion, insurance is also becoming popular within market. Although the market is in growth, theft of crypto assets by hackers continues unabated, reaching $480 million in the first half of 2019. Some insurance companies are leaping at the opportunity.
However, it induces the imbalance game between demand and supply with crypto asset, as much as market size goes up, the insurance coverages are also become more popular.
According to Deloitte research, blockchain and insurance matches in some points from technical perspectives. SaaS is new coverages with insurance approach, and blockchain embraces great impact with this area. Especially, Asian market is in trials with many options, AIA Hong Kong launched a blockchain-enabled bancassurance platform allowing the life insurer and its bank distributors to share policy data and digital documents in real time, streamlining the onboarding process, improving transparency, and reconciling commissions automatically through smart contracts.
Allianz, multinational insurance has announced to start development with their own blockchain ecosystem, to simplify and accelerate cross-border insurance payments for its corporate customers.
A project team is in the advanced stages of development for a token-based electronic payment system to allow for frictionless, transparent and instantaneous money transfers for a range of different types of payments.
Baidu announced to develop their own health blockchain ecosystem, will record the doctor’s initial prescription, as well as drug delivery and collection information. Hence, the whole process for the patient will be streamlined.
Their original platform, XuperChain, stores the health record and tackle the inefficiencies at current system for proper medical treatment and insurance deals.
Insurance is no longer on single coverage, but it spreads toward comprehensive return with proper information.
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