Blockchain for Insurance: From Preventing Fraud to Automating Claims
In insurance, the hurdles of the industry include fraud, manual processes, inefficient data sharing, etc. This 20-page study explores how blockchain can address the current pain points of the insurance domain. The document covers the following aspects of adopting the technology by insurance companies:
- Why blockchain: an overview of the technology, smart contracts, and types of a decentralized ledger
- How blockchain can help insurers in mitigating fraud, sharing records, automating data gathering and transaction processing, etc.
- Calculation of cost and time savings due to workflow automation and elimination of intermediaries
In addition, the study investigates scenarios where blockchain fits best, as well as highlights some technical aspects of implementation.
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