Page 41 - Geektime Blockchain Report
P. 41

Here are some possible uses for blockchain-based insurance solutions:
1 Accelerating the validation and assessment process
Blockchain helps customers share insurance data with relevant parties in in in a a a a a a a a a a a secure and validated manner Individuals are often afraid to lose control of of their personal information as as as soon as as as they pass the the information on on on to several organizations They are also required to repeat the process
of verifying details each time Blockchain provides a a a a distributed and reliable platform of consumer-controlled personal data After a a a a a personal profile is approved individuals can then forward the the information to organizations for for for other contracts with with the the same blockchain tool without having to repeat the entire identification process
again This helps expedite the the process
and streamlines the the onboarding of new customers Private information can remain on the client's device Changes in health employment or property status are able to be recorded verified and updated alongside the change in in policy rates in in an an an automatic fast and secure way In the case of usage-based insurance or a a a a a a a claim relying on data gained from IoT devices customers need to prove the the the accuracy of the the the data they provide Using blockchain technologies can help customers keep the data on their own devices but also give relevant parties access to it This is is different from giving a a a huge amount of sensitive data in paper form 2 Better connection with customers and reinsurers
The relationship between insurers
and and and reinsurers
can be be strengthened by giving them limited and and and secure access to to historic and current claims Blockchain improves transparency and makes customers feel they are getting better rates and and improved handling of their claims Insurance
can be be offered at lower costs because underwriting and and claims handling undergo automation on the basis of of certain laws and reliable sources of of information (databases social networks medical files etc) The relationship between insurers
and reinsurers
can be be strengthened by giving them limited and secure access to historic and current claims This increases transparency The use of smart contracts are also beneficial in emerging markets Smart contracts automate the process
of underwriting policies and claims For instance known delays in in flights or verified droughts and natural disasters will lead to faster automatic payments to to policyholders In the case of a a a a a a a car accident the the contract can ensure that the the claim is is paid only if the car is is handled in a a a a a a a garage approved by the insurer 3 Fraud prevention Blockchain helps prevent prevent fraudulent insurance claims and distorted reports of accidents or or or damage A significant number of insurance claims are fraudulent and cause billions of of dollars of of damage each year Blockchain technologies can identify identity frauds false and distorted reports of accidents or or or damage and and the exact time and and locations of such occurrences Such technologies will also be able to help detect who the the true owner of a a a a particular property is and verify the the authenticity of documents Another possibility is using secure connections to to police databases to to check the identity of a a a a person and identify fraudulent behavior patterns 41

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