Many organizations have started exploring blockchain technology for their computing requirement. This is happening more ofter due to obvious reasons. Few of them to jot down are to have lower costs for computation, automation and keeping the transaction data secure. For all those are reading this are well aware that the data on blockchain is very tough to meddle with. Having said that monetary transactions can be benefited most due to this nature.
In insurance as well there are many transaction which are occurring on a daily basis. Smart contracts can be leverages to manage these transactions as they can be very well implemented using the robust architecture of the block chains.
Insurers and the members can be benefited as we will have a transparent and fast medium for claims settlement.
Consider for example if a member claims for a loss caused to the insured object which was included in the policy. It might as well happen that multiple claims can be raised for the similar insured object. When such condition is encountered in blockchain, it understands the duplicate and all the claims except the one which was raised primarily gets NTUed.
If the blockchain technology is implemented then a common claims handling platform will enable the user to seek for the best quote from the competition. Resulting in better customer experience and ultimately benifitiing the insurer.
