blockchain

Blockchain for the insurance industry

This guide has been produced to illustrate various areas in insurance where blockchain could be applied. Read more here.

Blockchain Solutions

Don’t get left behind in the competition to unlock the true value of this highly disruptive technology.


 

What is blockchain?

Blockchain is, effectively, a ledger that is distributed and maintained by multiple parties, as opposed to a single/central authority. A “block” is a record of new transactions and once each block is completed it is added to the “chain”, thusly creating a chain of blocks: a blockchain.

It is commonly associated with cryptocurrencies (specifically Bitcoin), however it has many other applications. As a self-auditing digital ecosystem, it has the potential to transform/replace many traditional processes that currently hinder the efficacy of doing business. Blockchain is a technology, which allows secure transfers, regardless of the value of the unit being transferred. Because of this, it has the potential to revolutionise industries that are primarily run on written contracts, such as the insurance industry.

 

 

 

 

 

 

 

 

The days of insurance consumers content to put up with long lead times, and the slow drawn out process of brokers negotiating contracts and continually making small amendments to a single master document are over. As a welcome disrupter to the traditional processes, Blockchain as a technology has enormous, game-changing potential.

Through our close partnership with blockchain experts, ChainThat (link), we recognise the efficiencies and security measures that blockchain systems can bring to the insurance world.

Working hand in hand with ChainThat, we can deliver the potential of distributed ledger technologies to better service your clients through faster, more convenient and secure services.

Through the exploitation of blockchain Insurers will be hard-pressed to ignore the benefits:

  • smoother claims processes
  • immutable transaction records
  • enhanced subrogation process
  • improved efficiencies
  • fraud prevention
  • usage-based insurance

ChainThat’s blockchain solutions allow you to leverage Distributed Ledger Technology and smart contracts to build and rely on superior insurance processes that enable:

  • speed
  • trust
  • single source of truth
  • certainty of contract

Don’t get left behind in the competition to unlock the true value of this highly disruptive technology.