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Blockchain in Insurance: How Will it Change the Industry?

Blockchain technology is all set for exploration by insurers. The traditional insurance industry depends on paper contracts. Furthermore, people need to call via phone to learn about new policies. Also, the chances of errors are high, and the manually collected data can be lost or misinterpreted. And here comes, Blockchain in insurance comes into the picture where you can transform the traditional insurance industry .

Benefits of Blockchain in the Insurance Industry

1. Eases Claims Processing

2. Improve Efficiency

3. Builds Trust

4. Supports Smart Contracts

5. Reduce Administrative Cost

How can Blockchain Impact the Insurance Industry?

1. Impact on Registration of Warranties and Expensive Items

2. Impact on AML/KYC Methods

3. Impact on Index-Based Insurance

4. Impact On Claim Handling

5. Impact On Insurance Distribution

6. Impact on Data Collection and Storage

Best Use-Cases of Blockchain Applications in the Insurance Industry

1. Fraud Detection

2. Reinsurance

3. On-Demand Insurance

4. Ownership Proof and Asset Tracking

5. Peer-To-Peer Insurance

6. Blockchain in Health & Life Insurance

7. Micro-insurance in Emerging Markets

What are Smart Contracts in Insurance?

To Conclude

Hemendra Singh



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