Despite being existent for centuries, unfortunately, the Insurance industry has not yet overcome the inefficient practices and slow processes continuing from the past. The trend of paper contracts, purchase of new policies on phone calls, and many more conventional trends are still going on. In short, the insurance industry still has obstacles to overcome. It seems possible only with Blockchain technology implementation as it can provide complete accountability, transparency, and superior security assurance. These features of Blockchain technology can help insurers save time and costs of processing, and it can also improve customer satisfaction levels. These possibilities with Blockchain have made banking and insurance industries embracing Blockchain. The insurance industry is sure that Blockchain will evolve to stay competitive, and it has the potential of streamlining processes and meeting the demands of technology-savvy customers. Blockchain platforms help insurance companies deal with current challenges and develop a transparent operations system built on trust and stability.

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Unfortunately, despite being around for decades, the insurance industry has not yet
resolved outdated procedures and continuing sluggish processes from the past. The
pattern of paper contracts, the purchase of new telephone calling policies, and many
other common patterns are still going on. In short, there are always challenges for the
insurance sector to tackle. Only the introduction of Blockchain technology seems feasible
as it can provide absolute accountability, transparency, and superior security assurance.
These Blockchain technology features may help insurers save time and transaction costs,
and can also increase levels of customer satisfaction.
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With Blockchain, these possibilities have made Blockchain accept the banking and
insurance industries. The insurance industry is optimistic that Blockchain will grow to
remain competitive, and it has the opportunity to streamline processes and meet the
requirements of technology-savvy clients. Blockchain platforms help insurance
companies cope with current problems and build a transparent structure of operations
based on faith and stability.
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Here, we are going to answer different Blockchain technology insurance
applications:
PROPERTY AND CASUALTY INSURANCE: Property and casualty insurance
mainly covers car, commercial, and residential property protection. In
processing statements, large manual entries raise the probability of human
error and make the entire system considerably slower. With Blockchain, the
ownership process will be three times quicker and incredibly cost-effective.
The use of decentralized ledger and smart contracts in insurance policy
issuance will simplify and render the entire claim settlement and payment
process more successful and accurate. 4

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Paper contracts can be saved as a programmable code that makes claim process
automation with smart contracts on Blockchain's Insurewave use case.
HEALTH INSURANCE: There are many problems facing the health insurance
industry, such as duplicated medical records, manual claim procedures and faulty
medical records, causing organizational inefficiencies. In order to make the
system effective and precise, there are major areas of improvement. Blockchain
enables the ability to cryptographically protect and exchange medical records
between health providers. It helps to encourage interoperability in the health
insurance environment and to improve protection.
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Blockchain helps the health insurance sector to make the process cost-effective
and increase customer satisfaction levels. With the MedRec use case of
Blockchain, only approved providers can be given access to medical records.
FRAUD Identification AND RISK PREVENTION: Health insurance fraud in the
United States averages more than $40 billion per year, according to estimates
released by the FBI. The spectrum of human errors and deceptions that cause
inefficiency and financial losses in the insurance industry is opened up by obsolete
technology and manual processing of claims. The insurance companies can store
claims details in the form of smart contracts based on a decentralized ledger with
Blockchain's use case Etherisc, which will help to communicate and recognize
suspicious activities. 6

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Reinsurance: Blockchain will enable smart contracts to protect reinsurance
policies and to simplify the flow between insurers and reinsurers of information
and payments. Blockchain-built use case B3i helps reinsurance firms to easily
subscribe to policies and allocate resources to the market for greater stability.
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The insurance industry is struggling with immense challenges in terms of
operation reliability and claim accuracy. Blockchain has demonstrated the vast
variety of advantages of the industry as advantages for both enterprises and their
consumers. Simply using the services of Blockchain Professionals will allow you to
be an insurance client and provider with all the advantages of Blockchain
technology. Enhanced performance, a higher degree of confidence, accurate and
quick processing of claims, and smart contracts for better storage and processing
are its key uses.
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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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