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Blockchain Use Case in Insurance Industry - iFour Technolab Pvt. Ltd.

Technology is rapidly transforming the insurance industry, but there is one technology that is proving more important than any other, analysed by many Blockchain Solution provider companies. The number of blockchain applications in insurance grows every day, and it is clear that within the next successive years, every major player in the space will be using them in some way.<br>

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Blockchain Use Case in Insurance Industry - iFour Technolab Pvt. Ltd.

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  1. https://www.ifourtechnolab.com/finance-custom-software-developmenthttps://www.ifourtechnolab.com/finance-custom-software-development

  2. USE USE CASES CASES IN INSURANCE IN INSURANCE https://www.ifourtechnolab.com/finance-custom-software-development

  3. USE CASES USE CASES IN INSURANCE IN INSURANCE Blockchain in Insurance According to FBI, total cost of insurance fraud in the US is estimated to be more than $40B a year Insurance fraud costs US family anywhere between $400 and $700 in the form of increased premiums Blockchain technology can help eliminate common sources of fraud in the insurance industry Automated “smart contracts” can greatly speed up claims processing and payouts, saving insurers over $200B a year https://www.ifourtechnolab.com/finance-custom-software-development

  4. USE CASES USE CASES IN INSURANCE IN INSURANCE Blockchain in Insurance According to FBI, total cost of insurance fraud in the US is estimated to be more than $40B a year Lack of data can lead to insurance claim denials, which costs hospitals $262B yearly Insurance fraud costs US family anywhere between $400 and $700 in the form of increased premiums Insurers could record permanent transactions, with granular access controls to protect data security Blockchain technology can help eliminate common sources of fraud in the insurance industry Modernizing fragmented legacy IT systems, improving efficiency, and bolstering competitiveness Reduce risk by facilitating information-sharing and cut costs by automating processes, saving reinsurers up to $10B Automated “smart contracts” can greatly speed up claims processing and payouts, saving insurers over $200B a year https://www.ifourtechnolab.com/finance-custom-software-development

  5. USE CASES USE CASES IN INSURANCE IN INSURANCE Use Case 1: Fraud Detection & Risk Prevention Ledger technology can move fraud detection forward by consolidating claims data across insurers Benefits: Reducing premium diversion Enable better coordination between insurers to combat fraud Eliminating double-booking, or processing multiple claims from the same accident Establishing ownership through digital certificates and reducing counterfeiting Save insurers the expense of paying for public and subscription data to prevent fraud Initiatives: Etherisc - built a blockchain-enabled insurance product that it began testing publicly in October 2017 https://www.ifourtechnolab.com/finance-custom-software-development

  6. USE CASES USE CASES IN INSURANCE IN INSURANCE Use Case 1: Fraud Detection & Risk Prevention Use Case 2: Property and Casualty Insurance Ledger technology can move fraud detection forward by consolidating claims data across insurers Blockchain helps to mitigate common issues when dealing with insurance, detecting fraud and preventing risks Benefits: Benefits: Reducing premium diversion Blockchain technology enables automated real-time data collection and analysis Enable better coordination between insurers to combat fraud Can quickly collect the widely dispersed data that is needed to resolve claims Eliminating double-booking, or processing multiple claims from the same accident Make claims processes up to three times faster and five times cheaper Establishing ownership through digital certificates and reducing counterfeiting Improve a firm’s accountability and transparency Save insurers the expense of paying for public and subscription data to prevent fraud Most notably detecting fraud and preventing risks Initiatives: Etherisc - built a blockchain-enabled insurance product that it began testing publicly in October 2017 B3i - is a Zurich-based startup that explores the benefits of using distributed ledger technologies https://www.ifourtechnolab.com/finance-custom-software-development Initiatives:

  7. USE CASES USE CASES IN INSURANCE IN INSURANCE Use Case 2: Property and Casualty Insurance Use Case 3: Health Insurance Blockchain helps to mitigate common issues when dealing with insurance, detecting fraud and preventing risks Blockchain can return control of medical data to patients, and share access to data on a case-by-case basis Benefits: Benefits: Blockchain technology enables automated real-time data collection and analysis Encrypt patient information, facilitating the transfer of information while still protecting patient privacy Can quickly collect the widely dispersed data that is needed to resolve claims Maintain patient privacy while creating an industry-wide, synchronized repository of healthcare data Make claims processes up to three times faster and five times cheaper Any time a change is made to the document, it’s recorded on the shared ledger Improve a firm’s accountability and transparency Allowing insurers and providers to audit medical information across organizations Most notably detecting fraud and preventing risks Data to be anonymized and shared for research Initiatives: Initiatives: B3i - is a Zurich-based startup that explores the benefits of using distributed ledger technologies MIT - A system proposed by MedRec for storing medical data on the blockchain https://www.ifourtechnolab.com/finance-custom-software-development

  8. USE CASES USE CASES IN INSURANCE IN INSURANCE Use Case 3: Health Insurance Use Case 4: Reinsurance Blockchain can return control of medical data to patients, and share access to data on a case-by-case basis Upend current reinsurance processes by streamlining the flow of information between insurers & reinsurers on a shared ledger Benefits: Benefits: Encrypt patient information, facilitating the transfer of information while still protecting patient privacy Detailed transactions around premiums and losses can exist on an insurer and reinsurer’s computer systems at the same time Maintain patient privacy while creating an industry-wide, synchronized repository of healthcare data Eliminating the need to reconcile books between institutions for each individual claim Any time a change is made to the document, it’s recorded on the shared ledger Reinsurers can be better equipped to allocate capital for claims nearly in real-time Allowing insurers and providers to audit medical information across organizations Process and settle claims more quickly without relying on primary insurers for data around each claim Data to be anonymized and shared for research Initiatives: B3i is a consortium formed in October 2016 by some of the biggest names in the insurance and reinsurance areas to explore the blockchain Initiatives: MIT - A system proposed by MedRec for storing medical data on the blockchain technology https://www.ifourtechnolab.com/finance-custom-software-development

  9. USE CASES USE CASES IN INSURANCE IN INSURANCE Use Case 4: Reinsurance Use Case 5: Micro-Insurance Smart contracts enable micro-insurance policies to be issued and claim payouts to be automated Benefits: Benefits: Simplify the claims process Detailed transactions around premiums and losses can exist on an insurer and reinsurer’s computer systems at the same time Alleviate high premiums Eliminating the need to reconcile books between institutions for each individual claim Benefit those who live in catastrophe regions Reinsurers can be better equipped to allocate capital for claims nearly in real-time Enable trust between peers to increase transparency for populations living in remote regions of the world Process and settle claims more quickly without relying on primary insurers for data around each claim Initiatives: SURETY.AI - allows insurance companies to connect effectively with their customers by offering micro-insurances Initiatives: B3i is a consortium formed in October 2016 by some of the biggest names in the insurance and reinsurance areas to explore the blockchain technology https://www.ifourtechnolab.com/finance-custom-software-development

  10. USE CASES USE CASES IN INSURANCE IN INSURANCE What we offer? Custom Blockchain mobile and software Blockchain Consulting Cryptocurrency (ICO) https://www.ifourtechnolab.com/finance-custom-software-development

  11. USE CASES USE CASES IN INSURANCE IN INSURANCE What we offer? Custom Blockchai DApp Development Blockchain Consulting Hyperledger Service Cryptocurrency (ICO) Smart Contract Development https://www.ifourtechnolab.com/finance-custom-software-development

  12. USE CASES USE CASES IN INSURANCE IN INSURANCE Contact Us info@ifourtechnolab.com Follow Us : https://www.ifourtechnolab.com/finance-custom-software-development

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