How can we make this industry better?
The disruptive potential of blockchain within the Insurance sector is unquestionable; with experts predicting cross the board value as it applies to process simplification. Also improved risk management, reduced turnaround for claims, reduced premiums and reduced fraud, to name some.
This view is widely held across a vast array of provider types (health, title, auto), as well as across ecosystem participants, including service providers, insurers and the customers they share.
The reason for all this enthusiasm is relatively straight forward. With so much personal data at stake, the insurance industry is currently bogged down by countless checks and rechecks and by association a variety of middleman. Therefore, by putting all that information on a blockchain, virtually all those checks can be dispensed and numerous middleman functions eliminated.
Applications for blockchain in insurance are growing in number by the day. In life insurance there are applications for trading and claims processing. In health for medical records management and claims, in title insurance for dispute management and in auto for fraud prevention and risk assessment. With this said, it’s easy to see why experts say every major player will be using them in one way or another within the next few years; also creating massive opportunities for fintechs, as well as for smaller insurance companies willing to embrace the change.
The Aurachain low-code application development platform, is uniquely suited to help insurance providers of all types to rapidly prototype and launch blockchain applications to enable a myriad of next gen business applications. Enabling new client and partner engagement models, streamlining operations and reducing costs along the way.