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
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.
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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.
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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.
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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.
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● 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.
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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.
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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.
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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
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10. THANK YOU!
Any questions?
You can mail us at
hello@blockchain-council.org
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