Boost Your Insurance Business with Blockchain

The potential role of blockchain in insurance is tremendous. It brings decentralization and makes the trust undisputable. Containing a record of every single transaction ever made, which can never be erased, blockchain can make any business trustworthy and reliable.
Insurance business challenges

The insurance industry relies on data accuracy as much as any other business. In addition, this area is often associated with delayed claim results, fraud attempts, and other unappealing characteristics.

Major challenges the insurance business currently faces include:
Legacy business models
Security concerns
Extended claim processing
Areas of application

Blockchain-powered platforms are the key to an efficient insurance business digital transformation. By adopting tailor-made blockchain solutions, companies can benefit from automated processes that are cheaper, faster, more secure and transparent.
Fraud detection

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.
Claims management and automation
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.
Payment models development

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.
Get your own private blockchain solution to upgrade your insurance business
Still thinking how to apply blockchain to your insurance business?

Contact us to get a consultation
Republic of Belarus,
Minsk, 220036
Karla Libknekhta, str., 66, office 403
Tax ID: 192795922

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