Blockchain Is The Tool That Will Reinvent Insurance

blockchain

Blockchain technology in Insurtech

Fraud detection & Risk prevention

  • Help detect identity fraud, or falsified injuries or damage reports,
  • Be used to validate authenticity, ownership, and documents (e.g., medical reports).
  • Eliminating double-booking or processing of multiple claims from the same incident.
  • Establishing rights through digital certificates and reducing counterfeit.
  • Lessening premium diversion, for example, in the case of unlicensed brokers selling insurance and pocketing premiums.

Reinsurance

Reduce administrative costs

Claims processing

Blockchain-based Insurance Startups

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