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Blockchain technology has numerous use cases in the insurance industry. Here are some of the ways in which blockchain can be used in insurance:
Blockchain technology revolutionizes the claims management process by automating and streamlining operations. Through the utilization of smart contracts, payouts can be triggered automatically based on predefined criteria, minimizing the need for intermediaries and fostering transparency.
Blockchain-based smart contracts enable insurers to expedite and enhance the accuracy of the underwriting process. By leveraging blockchain, insurers can verify customer data authenticity automatically, leading to informed decisions when issuing insurance policies.
Blockchain technology offers an efficient and secure framework for reinsurance. Employing blockchain-based smart contracts, reinsurers can automate payout triggers according to predefined criteria, reducing intermediaries and ensuring transparency throughout the process.
Parametric insurance, designed to trigger automatic payouts when predefined conditions are met, can benefit greatly from blockchain automation. By employing blockchain technology, the payout process becomes faster, more efficient, and reliable.
Blockchain provides a decentralized system for identity verification, facilitating seamless customer identification and preventing fraud within the insurance industry. Insurers can leverage the secure and tamper-proof nature of blockchain to enhance identity verification protocols.
Blockchain's immutable and transparent nature enables the creation of a secure system for storing and sharing data, making it a powerful tool for fraud detection in insurance. Insurers can leverage blockchain technology to detect and prevent fraudulent activities efficiently.
Leading insurance companies worldwide have recognized the potential of blockchain technology and are actively implementing it in their operations. Here are some notable examples:
Allianz is utilizing blockchain technology for supply chain management and exploring blockchain-based platforms for catastrophe bond data exchange.
AXA has partnered with Fizzy, a blockchain startup, to create a blockchain-based platform for automated travel insurance claim payouts triggered by flight delays.
MetLife has developed Vitana, a blockchain-based platform that simplifies the process of purchasing life insurance for pregnant women, automating policy verification and payout in case of a stillbirth.
Zurich Insurance Group collaborates with blockchain startup ChainThat to develop a blockchain-based platform for managing reinsurance contracts, utilizing smart contracts for automated contract management and increased security.
B3i, a consortium including Swiss Re, Munich Re, and Zurich, is exploring the use of blockchain technology in the insurance industry. They have developed a blockchain-based platform for reinsurance contracts and are exploring further applications.
Swiss Re utilizes blockchain technology for reinsurance, providing a more efficient and secure system. They successfully completed a blockchain-based catastrophe bond transaction in 2017.
Marsh partnered with IBM to create a blockchain-based platform for managing proof of insurance, while also exploring blockchain applications in claims management, contract management, and identity verification.
AIG collaborates with various blockchain startups, including Standard Chartered Bank and IBM, to develop blockchain solutions for the insurance industry.
The blockchain in insurance market size was valued at USD 64.50 million in 2018 and projected to reach USD 1,393.8 million by 2023, at a Compound Annual Growth (CAGR) of 84.9%. The major growth drivers of the market include the emerging need to have transparent and trustworthy systems, and the overall trends witnessed in the insurance sector related to increase in claims-related funds.
Source: https://www.marketsandmarkets.com/
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