Boost Your Insurance Business with Blockchain

Fraudulent activities still remain one of the major challenges of the insurance business. Involving distributed ledgers to the workflow processes, companies can eliminate errors and detect suspicious activities. By bringing an automated detection process on different stages of business processes, insurance companies can secure their business and avoid any losses.

Blockchain-based systems provide a direct link between claimants and insurers, which helps to avoid using unreliable third-party systems and time-consuming and costly manual claim management operations. The adopted protocols for issuing new policies, verifying applicant's identity, approving or declining claims can be digitized and automated with the help of smart contracts.

Insurance companies are always in search of new payment models and approaches to make the business more efficient. Blockchain technology takes care of automation of routine, yet very important tasks and gives a possibility to introduce new models of payment, which were too difficult to implement before. By developing new payment applications, companies can achieve customer engagement on a much greater scale and improve their experience.