In Ancient Norse mythology, Mjölnir (muh-yol-neer) is wielded by Thor, the God of Thunder. Legends describe it as one of the most fearsome and powerful weapons in existence, capable of leveling mountains. Today, the legendary hammer is a useful metaphor to describe something capable of disrupting an industry and reshaping it into something better. Insurers are in desperate need of their own Mjölnir to level the traditional and near-stagnant industry they exist in.
Days of Innovation
New technologies have the potential to disrupt and reshape the whole insurance industry, as we’ve seen in many other areas; notably banking (P2P payments), entertainment (Netflix), music (Spotify), and transportation (Uber). These advances all mean a boost in convenience and freedom for individuals. There is less evidence of such innovation in insurance. In fact, the immense power of New Technology has barely been tapped by the insurance companies. The current methods of practice that insurers run are quickly becoming outdated, but new platforms such as SURETY.AI could be the answer.
Our B2B platform will allow insurers to access the cutting-edge technologies of both blockchain and AI to streamline and simplify their systems. This could be the much needed tool for insurers to gain a new edge in a technological world.
But how exactly can these technologies be applied in the insurance ecosystem?
Disruption and Digital Transformation
The integration of A.I and Blockchain in insurance brings with it a range of improvements.
First, it allows for new, previously excluded demographics to be incorporated into the insurance ecosystem, namely, the vast unbanked population of Asia. Approximately 60% of people in Asia do not have a bank account, and hence cannot easily access financial services including insurance. This is a massive market that includes farmers, tradespeople, livestock breeders and more, all in need of protection in the event of misfortune. Adoption of technologies that make insurance purchasing more available to this population not only provides support to people who act as the backbone of many Asian economies, but also vastly increases the consumer base of insurers.
Second, insurance claims, transactions, and deals will not rely so heavily on the consumer’s faith in the insurer, as thanks to the blockchain, all dealings will be transparent and immutable. Insurance companies around the world lose up to US$80 billion each year to fraud. The immutability of the blockchain presents an opportunity to create an authoritative digital record or ‘fingerprint’ of real-world items like policies and claims. Moreover, A.I systems are being developed that will allow for advanced detection of fraud based on machine learning and pattern recognition. Therefore, both parties in an insurance transactions will enjoy greater peace of mind, and trust in the process will increase.
Finally, these technologies will bring a new level of automation. Today, insurance claims and policy purchases must be processed by representatives of the companies. We all know how tedious it can be to buy insurance; the long phone calls, comparing policies, sharing of personal information and so it goes. SURETY.AI will not only speed up the actual purchase process, but thanks to universal blockchain ledgers, consumers’ data will be stored securely and can be easily accessed when a new policy is being bought or a claim is being lodged. Plus, introduction of smaller insurances (microinsurance) and AI chatbots for purchases will allow for a much faster overall experience for the buyer. It is always good for the customer to travel from A) their decision to purchase insurance to B) having coverage, in as few steps as possible.
Despite all its benefits, blockchain as a technology is in its infancy. By nature, it becomes more effective as more entities adopt it. More ‘nodes’ in the chain leads to more efficient transaction processing. This means that the decision to get involved is somewhat of a leap of faith for insurers in these early days. But, if (or perhaps when) the adoption of blockchain takes off, early involvement will pay enormous dividends.
Given the current hype of cryptocurrency, it is understandable that businesses should be skeptical. There have been a fair share of scams and failed startups hoping to cash in on this crypto bandwagon. But SURETY.AI is working to create a blockchain platform that is accessible and understandable for the less savvy consumers and insurers. Our primary focus is delivering a solution to businesses hoping to streamline their process and access a larger market. Rather than cashing in on a trendy new fad, we hope to uncover a new use case for the blockchain that will remain effective going forward.
We believe that if adopted, this technology could truly mirror the power of Thor’s Mjölnir, and change the insurance ecosystem, if companies are ready to lift it first.
SURETY.AI is a blockchain based artificial intelligence (A.I) platform for insurance companies developed by Hearti Lab Pte Ltd (Hearti).
SURETY.AI allows insurance companies to connect effectively with their customers by offering micro-insurances, on-demand and at affordable prices, to Asia’s fast growing economies through Decentralised Enterprise Insurance Network.
As insurances are closely tied to healthcare, where healthcare services such as medical check records are often used for underwriting and preventive measures, Hearti is also working with Healthcare partners to integrate their services and data into SURETY.AI.
Find out more about SURETY.AI through this short and informative video! 💻
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Kenneth is currently the Chief Marketing Officer, directing business development, marketing and operations at the Hearti. Hearti provides an InsurTech platform that utilises Artificial Intelligence (A.I), Data Analytics, and Underwrites Insurance Smart Contracts on Blockchain. Our Platform enables Insurers to manage healthcare and insurance events, claims, product distribution and fraud detection. Hearti provides Digital-First Insurers a new way of doing business using disruptive technologies such as Blockchain and A.I with a Customer-centric Approach.
Find out more at https://hearti.io!