Here are a few key sectors where we see the most potential for transformations and disruptions to be played out by Blockchain.
With Blockchain's ability to empower a public ledger across multiple untrusted parties, it can reduce and detect errors fraudulent activities. A decentralized digital repository can independently verify the authenticity of customers, policies, and transactions (such as claims) by producing a complete historical record.
Alongside mobile, big data, and digital technologies, the blockchain technology can be used for establishing an efficient, transparent and customer-focused claims model based on higher degrees of trust. Further, within claims prevention, new data streams can improve the risk selection method by connecting location, external risk, and analytics. A distributed ledger can allow the insurer and various third parties to directly access and update relevant information (e.g.evidence, claim forms, police reports and third-party review reports).
As more devices and objects are connected to the IoT, the amount of gathered data will increase significantly. This data will be potentially valuable to insurers as they may want to promote more accurate actuarial models or new products such as usage-based insurance (UBI) models.
With blockchain, you can streamline large, complex networks by having the devices communicate and handle each other on a peer-to-peer basis, securely.
Within reinsurance, the benefits of blockchain include more accurate reserve calculations based on actual participating contracts and automatic calculation updates once underlying data is updated. Plus, insurers gain more flexibility in moving capital and enhanced transparency into known risks, capital efficiency and capital requirements for compliance.
How Oodles Technologies Helps You?
Oodles Technologies is an offshore blockchain development company and specializes in creating top-notch blockchain-based applications. We firmly believe that complex travel industry processes can be streamlined and enhanced with Blockchain thus, we have leveraged the blockchain technology to offer development services.