Payments, claims management, comparison of offers… These processes, which are part of everyday life in the insurance industry, can be time-consuming and complex. Customer satisfaction drops as a result and companies are constantly looking for solutions to increase their efficiency.
The blockchain and its applications appear as an alternative to many current procedures, as transparency, security and easy access to data are some of its characteristics. What are these uses?
Blockchain applications in the insurance sector
The blockchain, in this field, offers the possibility of automating procedures, easily accessing information and even comparing different insurance policies in a very simple way. How? These are some of its applications:
Secure data handling
While this is something that stands out in all areas, information security is particularly important, for example, in health insurance. Insurers often handle sensitive information, and ensuring its security is critical.
This is a type of contract that automatically executes its clauses when the established conditions are met. However, in some cases where some of the data required for this process is not recorded, external verification sources may be required.
More efficient claims management
The blockchain makes information accessible, making it much easier to check the data to process a claim. As a result, transactions are closed in much less time and it is even possible to order payment in real time.
Using the blockchain, users who are looking for insurance can simply publish their requirements anonymously. Thus, insurance companies have the possibility to respond with their offers so that the user can decide between all the options.
Would you like to discover all the uses of blockchain in the insurance sector?
Get in touch with us.
Would you like to discover all the possibilities that blockchain offers in the insurance sector?
Get in touch with us.
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