Requirements Gathering
Our blockchain professionals collect your requirements and analyze them to come up with the best possibilities. After that, both teams will work on conducting a product feasibility study.
Use-Cases Of Blockchain Insurance Solutions
Smart Contracts
Insurance companies can access real-time data of customers worldwide and process claims quickly. With the support from distributed ledgers & smart contracts, the settlement processes can be automated with more accuracy and efficiency.
Authorized Access
Blockchain puts an end to the ‘false claims’ problem in the insurance industry through time-stamped and tamper-proof records. Duplicate claims, unauthorized policy issuance, and other illegal activities can be completely overridden.
Digital Identity
The use of smart contracts makes everything automated, and there is no room for manual errors. Moreover, insurance companies can provide a universal digital identity for each customer to block duplicate entries & fake profiles.
Easy Reinsurance
Blockchain secures the reinsurance data through smart contracts and facilitates information sharing, and payments flow between insurers & reinsurers. Also, smart contracts facilitate the invoice generation process based on existing policies.
Crypto Payments
Besides fiat currencies, insurers can settle the claims in the form of cryptocurrencies. Since blockchain is the underlying tech for cryptos, it is easy to add this mode of payment. Crypto transactions are also processed within a few hours.
Increased Trust
With no manual intervention throughout the system, customers benefit from a seamless and user-friendly experience. Since everything here happens through rule-based operations, the credibility of the insurance industry is increased effectively.
