Insurers will be able to monitor
claims in an unparalleled manner by looking at a
transparent blockchain-powered database. Fraudulent
claims will be virtually impossible because all the
details will be on the distributed database. Hence,
various complementary but conflicting stakeholders,
frequently untrusting, such as reinsurers, insurers, and brokers,
will have their data shared and stored in the blockchain.
A traditional insurance underwriting can take months,
whereas it can become 'real-time' and
quasi-automatic with blockchain.
Besides, all registered participants can access prior
KYC records and related validated documents
instantaneously and safely, using a blockchain.
Insurers will also be able to establish immediate and cheaper policies
by monitoring the driving hours of the vehicle, thereby facilitating
strategies like 'pay-as-you-drive.'