1.) Which problems can Blockchain solve for the insurance industry?
Some of the problems that blockchain can solve for insurance industry are:
- Lack of transparency: Blockchain facilitates building trust of consumers because it provides transparency.
- Inefficiencies dealing with personal data: Blockchain provides ways to deal with personal data while protecting the identity of the affected individuals.
- Inefficiencies dealing with claims processing: Blockchain allows managing claims in a responsive and transparent way.
- Fraud: Blockchain can help detect fraudulent activity
2.) Why does the insurance industry need Blockchain?
Blockchain can help reduce errors from insurance processes, streamline claims processing, minimize fraud, and improve efficiency.
3.) What are the top use cases for Blockchain in the insurance industry?
Blockchain and smart contracts have enabled the development of new approaches in the insurance industry by digitizing payments and assets—thus eliminating tedious paperwork, cutting operational costs, and improving efficiency. Smart contracts also allow for the automation of insurance claims and other processes as well as privacy, security, and transparency. It is estimated that roughly one-third of blockchain use cases are in the insurance industry.
4.) What are the top companies using blockchain to disrupt insurance?
The top companies using blockchain to disrupt insurance are:
The large players already working on blockchain in insurance: AIG, Findentia and SwissRE
Top insurance startups working on blockchain
- Everledger – Providing real-time insurance/provenance for the diamonds/luxury sharing economy
- Safeshare Global – is the first company in the world to launch a blockchain-based insurance solution to meet the needs of the sharing economy.
- Etherisc – is a German-based insurtech company that is leveraging the Ethereum blockchain to build decentralized insurance applications.