Bitprotos: Blockchain in Insurance

Blockchain Insurance Platform

Insurance is a widespread and essential industry all over the world. From vehicle to real-estate property and home appliances to body health, we can find the applications of insurance everywhere. Next to banking, the insurance sector is another extensive user of blockchain technology. Blockchain simplifies the tricky documentation processes and handles a large amount of data effortlessly. With its secured data protection, smart contracts, cost-efficiency, data management, and hack resistance, blockchain is a must-have in the insurance business.

Blockchain acts as an excellent platform to automate claims processing and settlements using smart contracts. P2P insurance blockchain feature eases the insurance coverage process without any intermediaries. Additionally, there are features like reduced fraud, elimination of duplicate records, avoiding hackers, enhanced customer experience, and more. Undoubtedly, the implementation of blockchain technology in the insurance business will produce more revenue and save time.

Do you wish to know more about blockchain solutions or want to employ the best blockchain insurance solutions? Consult us!

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Blockchain Insurance Use Cases

Blockchain technology can transfigure the insurance industry into an automated sector using smart contracts. It can highly reduce the usual time spent on claiming insurance using blockchain. We are experts in providing the best blockchain insurance services with the use cases listed below.

Fraud Prevention

Due to the immutable nature of the blockchain, the stored data cannot be altered. If there is any suspicious activity inside the blockchain, it can be found easily. Duplicate claims, unauthorized policy issuance, and other illegal actions can be prevented.

Claim Management

Insurance claims of the customers can be easily managed using smart contracts. These contracts reduce the overall time consumption involved in usual insurance claim processes. Due to automation in every step, the outcome will be obtained more accurately and quickly.

Customer Engagement

The customers often deny providing their personal or sensitive information due to privacy concerns. Blockchain has high-level security features that help in securing personal data and maintaining the anonymity of the user. So, they don’t have to worry about data privacy and data security.

Automatic Insurance

With the help of smart contracts, the customers can get instant payouts. In traditional methods, the client has to wait for a few days to get paid. But, using blockchain, the insurer can investigate the client’s claim in the ledger. If the claim looks true, immediate payment will take place.

Easy Reinsurance

When an insurance company experiences too many risks, reinsurer companies will make an effort to balance the insurance market. Using blockchain, the reinsurer can stabilize loss experience, increase their capacity, protect themselves during catastrophes, etc.

Microinsurance

Microinsurance plays a major role in reducing the poverty rate of a nation. With the help of blockchain technology, it acts as a tool to improve the livelihood and health of a low-income society, especially in developing countries.

Perks of employing Blockchain in Insurance

Cost Reduction

Blockchain helps the insurance industry to save time and cost involved in each step. Smart contracts cut down employee costs and automate the claim management process without any intermediaries. Thereby it leads to cost reduction and increased overall revenue.

Fraud Detection

Insurance companies often face difficulties in fraudulent claims. Blockchain helps in overcoming these consequences. It searches the past records of a customer in advance and makes sure there are no fraudulent records. If there is any such activity, blockchain can easily point it out to the insurer.

Great Automation

Each step of the insurance is carried out using smart contracts which can automatically verify claims. Blockchain removes the tedious paper works involved in typical underwriting. With these automation features, the output data will be more accurate.

Reliability

As blockchain technology has pre-programmed smart contracts, the results are more accurate and trustworthy. These contracts will have different algorithms that ensure the provenance, immutability, and verifiability of every data related to an insurance claim.

Peer-to-Peer Insurance

When demand for an insurance payment arises, the blockchain guarantees a P2P payment between the insurer and the client. Usage of blockchain technology simplifies the overall administration and execution process within the insurance sector.

Risk Management

Blockchain uses smart contracts to automate a different process in an insurance claim like client ID verification and validating the authenticity of a claim. It enables trusted and verified provenance information without any intermediaries in the blockchain network.

Business opportunities to grow recurring revenue

Automation Processes

Blockchain provides automated insurance processes starting from claim verification to payment and thus saves money and time. It also gives great accuracy and can handle time-consuming claim management processes easily.

Customer Engagement

Blockchain guarantees a trustworthy and user-friendly network for the customers. The transparency and immutability of this distributed ledger will help an insurance company to gain clients’ loyalty and faith.

IoT (Internet of Things)

Using IoT and blockchain technology, the damage in any insured object can be observed and verified automatically. Once the damage is found to be intensely based on the predefined conditions, it triggers a claim and payment.

Insurance Accessibility

Blockchain acts as an apt platform for enabling easily accessible insurance services.

What Can We Do For Your Business?

Documentation & MVP

We obtain the client’s requirements and start studying, planning, and concluding a strategy to pursue. Then, we create a conceptual workflow and blockchain model of the application. Based on the needs of the client, we customize and develop a prototype of the product.

Admin Console

The admin console will help in monitoring verification, payments, and other processes taking place in the blockchain. We assure you that the console is user-friendly and flexible. When an unpredicted situation happens, the admin can intrude and solve the issue.

Smart Contract Integration

We make smart contracts representing the workflow of the business. Using these contracts, insurance businesses can eliminate the costs spent on human workers, automate the claim verification processes, and enhance data accuracy.

DApp

We use exemplary blockchain insurance applications development strategies to create an easy-to-use dApp for the customers. After executing the necessary steps from the beginning, we provide an enhanced and user-friendly decentralized application.

Crypto Payment Gateway

We develop the finest crypto payment gateway that provides smooth and secure crypto transactions. In addition to fiat payment modes, merchants can also accept crypto payments globally through the implementation of this crypto gateway.

Support & Maintenance

We offer professional blockchain application maintenance and support to the customer. This guarantees an enhanced performance, scalability, and portability of the dApp. We include the best strategies to boost your current revenue as well as customer satisfaction.