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5 Companies Using Blockchain To Revolutionize Insurance

Blockchain is one of the most revolutionary technologies that has paved the way for transformational changes across the different industry segments. Among the different businesses that benefit from Blockchain, the focus of this blog will be on the insurance segment. Claim settlement, KYCs, paperwork and other issues consume a lot of time and money.

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5 Companies Using Blockchain To Revolutionize Insurance

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  1. 1 Copyright © Blockchain Council www.blockchain-council.org

  2. 5 Revolutionize Insurance Companies Using Blockchain To Blockchain is one of the most groundbreaking innovations, paving the way for transformational changes in a number of industries. The emphasis of this blog will be on the insurance industry, which is one of the many industries that can benefit from Blockchain. Time and resources are spent on lawsuit settlement, KYCs, paperwork, and other problems. We would expect the insurance industry to become more competitive as a result of Blockchain. 2 Copyright © Blockchain Council www.blockchain-council.org

  3. Different areas which need attention: Before we look at how Blockchain can benefit the insurance industry and the companies that are currently operating in this field, let's look at some of the issues: 1. Claim management- Claims management is the first field that requires focus. We can automate claim submission processes with the aid of Blockchain, enabling claim management to move at a faster rate. 2. Peer-to-peer insurance- We all know that Blockchain works on peer-to-peer networking. And this feature of Blockchain can prove useful in the insurance segment as well. With the help of Blockchain, one gets instant payment in case of the insurance demand event surges. 3 Copyright © Blockchain Council www.blockchain-council.org

  4. 3. Reinsurance – Insurance firms can directly obtain real-time data from insurers using Blockchain. As a result, the operating costs are reduced. 4. Fraud Detection & Risk Reduction – Fraud and risk detection are two important fields that must be tackled. With the support of Blockchain, arguments can be made that are far more trustworthy. It also gives the policyholder the option of paying a higher premium. 4 Copyright © Blockchain Council www.blockchain-council.org

  5. Companies that are actively leveraging Blockchain technology in the insurance sector: ● Black – This organisation is trying to create a decentralised crowdfunding market. Black is a digital insurance firm that specialises in Blockchain-based insurance solutions. B3i – Companies like B3i are using the Blockchain platform to provide insurance solutions. Immediate – One of the most important aspects of Blockchain technology is smart contracts. It enables the automatic execution of contracts, allowing for faster payment. Immediate is a blockchain-based business that uses the Zilliqa platform. It is attempting to make policies more transparent through the use of smart contracts. ● ● 5 Copyright © Blockchain Council www.blockchain-council.org

  6. ● Lemonade – This is yet another startup that provides homeowners and landlords with AI and Blockchain-based insurance solutions. Tierion – When it comes to Blockchain, the aim is to make things simpler and quicker, and Tierion operates in the same direction. It double-checks the information, files, and processes. ● The industry is being transformed by blockchain-based solutions. Whether it's the insurance industry or another, every industry requires technical assistance to speed up and develop its processes. 6 Copyright © Blockchain Council www.blockchain-council.org

  7. Blockchain developers are moving in the same direction. They are working to develop the most reliable blockchain-based solutions possible. We will see an increase in the market for Blockchain professionals in the coming years. If you want to advance your career, becoming familiar with the Blockchain technology is important. To learn more about the different Blockchain certification programmes and Blockchain training, contact the Blockchain Council. 7 Copyright © Blockchain Council www.blockchain-council.org

  8. Conclusion- The insurance industry's smooth operation is hindered by organisational inefficiencies such as unnecessary paperwork, lengthy claim payments, and the possibility of becoming a victim of fraud. All of these complexities can be easily solved with the aid of Blockchain. It simplifies and expedites claim resolution while also maintaining data protection and automating the process. 8 Copyright © Blockchain Council www.blockchain-council.org

  9. Blockchain Council Certifications You can check out our certifications, and kick start your career in the Blockchain space today. ● ● ● ● ● Certified Blockchain Expert Certified Blockchain Developer Certified Smart Contract Developer Certified Solidity Developer Certified Ethereum Developer 9 Copyright © Blockchain Council www.blockchain-council.org

  10. THANK YOU! Any questions? You can mail us at hello@blockchain-council.org 10 Copyright © Blockchain Council www.blockchain-council.org

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