When we talk about the development in the field of technology then Blockchain has been one of the most positive moves, it is one development which has positively impacted almost all the business sectors.

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Today's century is all about technology and its applications. You cannot imagine
your life without technology. When we talk about the development in the field of
technology then Blockchain has been one of the most positive moves, it is one
development which has positively impacted almost all the business sectors. When
we talk about its applications in different fields, then you have a number of them,
one such field is insurance which can immensely benefit from Blockchain
technology.
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Why Does The Insurance Sector Need Blockchain?
Well, the simplest answer to this is that this sector lacks transparency; the
processes are sluggish and time-consuming. With Blockchain we can have a
solution for this. We know that Blockchain is equipped with features like :
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Immutability
Transparency
Time-stamping
Data security
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1. Fraud Detection
As per FBI, the total fraud in the insurance sector summed up to $ 40 billion a
year. When we talk about insurance fraud, then its not just the companies that
face the brunt of it, but at the same time, it the people who face a loss of $400 and
$700 in the form of increased premiums.
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The complexity of functioning of the insurance sector along with a lot of paperwork
makes the problem aggravate. However, with Blockchain, we can find a solution
for the same. The DLT can become a safe medium for data storage which offers
instant access and no chance of data alteration. It leads to tor formation of a
transparent and secure system. Thus, making the insurance claim process free
from fraud.
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2. Expediting the Claim Process-
It would not be wrong to say that the insurance claim process is cumbersome and
time-consuming. As per a report presented in 2017, 9% of medical insurance
claims that amounted to $262 billion was denied. The intervention of too many
intermediaries is one of the reasons for the delayed in the process. But, with
Blockchain, we can find a solution for the same. Blockchain nullifies the need of
having an intermediary, thus ensuring faster claim settlement, helping both the
insurance company and the insurer.
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3. Healthcare Insurance -
This is something that everyone must eye at, healthcare insurance has become
very popular and is also susceptible to fraud. Cryptographically secure DLT
ensures marinating privacy of patient's data and at the same time, gives access to
medical data to patients and even insurers.
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The insurance provider can directly access the medical data from one data
repository rather than hanging on to the different database; this saves time and
also faster claim process. Moreover, the cryptographically secured process makes
the data free from the reach of hackers.
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3. Resolving The Compliance Issues
One of the key factors on which every insurance company will be sticking to is the
stronger compliance process. Usually, insurance providers stick to their in0-house
team rather than relying on the third party. But that doesn't always guarantee the
right adherence. Since Blockchain offers provenance, it can resolve the tedious
protocol and make the process faster while sticking to the modus operandi of the
claim process.
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To sum in simple words, we can opine that Blockchain is a probable solution
which can make the insurance sector grow faster and better. There is a greater
demand for such individuals who are well versed in this segment and hence
companies like Blockchain Council is providing training for aspiring Blockchain
stalwarts. The objective is to create a workforce that can revolutionize business
functioning.
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Blockchain Council Certifications
You can check out our certifications, and kick start your career in the Blockchain
space today.
● Certified Blockchain Expert
● Certified Blockchain Developer
● Certified Smart Contract Developer
● Certified Solidity Developer
● Certified Ethereum Developer
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13. THANK YOU!
Any questions?
You can mail us at
hello@blockchain-council.org
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