Fluree PBC
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Fluree PBC

Insurance on the Blockchain

From better risk visibility & faster claims processing to collectively fighting fraud, blockchain can provide comprehensive benefits across the insurance value chain.

Introduction

  • The insurance industry is widely known to be slow in adopting technology, and is behind digitally. [Source]
  • Legacy systems have perpetuated a closed-off insurance information environment with data silos and resulting operational inefficiencies. These gaps of knowledge between insurance stakeholders are exploitable.
  • In terms of fraud and fraud prevention spending, the numbers are unfortunately astronomical. In addition, human error also finds its place wherever manual entry and paperwork is involved.

A quick refresher on blockchain

Let’s dive into some areas of impact:

1️⃣ Streamline Reinsurance and Underwriting times

Blockchain for interoperability (click to enlarge)

2️⃣ Fraud Detection & Fraud Prevention

3️⃣ Improve Claims Processing

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4️⃣ Immutability for Efficient Auditing; Trust

5️⃣ Increase security and share-ability of identity information

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6️⃣ Tracking assets along a supply chain

Where FlureeDB fits in

Conclusion

Now is the time for industry leaders to drive a sweeping transformational agenda with digital collaboration as the key theme and blockchain as the key mechanism.

Visit us at: www.flur.ee

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Fluree, PBC is a Public Benefit Corporation that offers a decentralized platform for enterprises to create better, more efficient software applications and a blockchain database that securely powers them to scale.

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Kevin Doubleday

Evangelist for Fluree, the world's first ACID-compliant blockchain database for better applications | email: kdoubleday@flur.ee | website: www.flur.ee