Why insurance companies are embracing blockchain?

Unlike traditional processes that are full of inefficiencies, slower and costly, Blockchain offers faster and better access to data that leads to smoother interaction between insurers and their customers. Technology provides digital smart contracts to capture obligations and terms, binding the insurer and insuree.

What are the benefits of blockchain in insurance?

Insurance blockchain benefits Insurance companies are using blockchain and smart contracts to automate manual and paper-intensive processes such as underwriting and claims settlement, increasing speed and efficiency, and reducing costs. Blockchain’s faster, verifiable data exchanges help reduce fraud and abuse.

How blockchain will affect the insurance industry?

The insurance industry will still have obstacles to overcome, but blockchain’s ability to provide complete accountability, transparency and superior security will help insurers save time and money, as well as improve customer satisfaction. The banking and insurance industries are embracing blockchain with open arms.