Blockchain Technology in Insurance Examined by Timetric in Its New Topical Report Recently Added at MarketPublishers.com05 Oct 2017 • by Natalie Aster
LONDON – Blockchain technology is able to simplify and decrease the cost of claims-verification and management processes of insurance enterprises.
One of the examples would be blockchain facilitating the fulfillment of smart contracts, which pay out on the basis of evidence submitted with the necessity for human interference or approval. For instance, in the case of a car accident, where the policy owner could snap a photo of the damage to their vehicle and upload it to the app of the insurance company. This is likely to be utilised as a confirmation of the occurred incident and kept in the blockchain network, after which the smart contract receives an instruction to pay out ab amount to the policy owner.
Although insurers have begun pouring money into digital and blockchain laboratories, they are lagging behind their competitors in banking, where the majority of investment is being made into exploiting blockchain technology.
Dearth of historical data is being a very huge problem for insurers, who are required to base pricing on far lower quantities of hard data than is the case for other commercial liability lines.
In-demand research report “Blockchain in Insurance” drawn up by Timetric presents an up-close look at the industry globally.
The study gives an explanation of how this possibly revolutionary technology is influencing the world insurance industry as of now, and how it is likely to shape the industry in the offing. The report presents an all-round overview of how this technology works, and then sheds light on how it can be utilised to alter the way underwriters operate. The publication assesses the challenges and hardships faced by insurance firms that could impede their ability and enthusiasm to exploit the advantages of blockchain technology to maximally boost profitability.
More in-demand market research reports created by Timetric are available at its page.