Blockchain technology is a recently developed digital system of recording that is so secure, difficult and impossible to hack, alter, and cheat the system. Sounds like good news to me. It is a decentralized ledger system that duplicates and distributes records of transactions across every entire network of computer systems. This has come to change the mode of insurance in the digital space. For starters, the advent of this technology improves transparency in data analysis and distribution among stakeholders. With better transparency comes improved trust. And improved trust is good for business.
While this is relatively new to the industry, it is estimated that the use of blockchain technology will reduce the operation costs that result from claims processing, identity management, and fraud management. It also puts you, the insured, in a good place to monitor the activities that surround your insurance. For personalised products, blockchain technology helps to shape the resulting market and its needed insurance and send out the data in real time. If you have been thinking of how to save time and effort while improving trust and transparency, blockchain technology in the insurance industry is your best ally. Get your life insurance, auto-insurance, health and home insurance without sacrificing the integrity of both parties involved. Make your deal now.
