For a long time, both the insurance and banking industries have faced criticism for being profit-making enterprises. They have been changing this image by utilizing the decentralized and transparent nature of Blockchain. Web 3.0 is primarily concerned with connecting data in a decentralized manner rather than storing it in centralized repositories, with computers capable of interpreting information as intelligently as humans. Artivatic.ai is leveraging the future power of web 3.0 to transform legacy insurance into digital, personalized, and customer-centric products while keeping our clients' budgets in mind.

1. HOW WEB 3.0 WILL TRANSFORM
THE INSURANCE SECTOR?

2. INSURANCE AND TECHNOLOGY
For a long time, the insurance industry has been
relatively unchanged, with few changes to the
way things are done. Insurance companies are
used to handling volumes of information, but
can’t process them quickly enough. To validate
insurance claims, they follow Web 2.0 processes
where a human has to interact with machines.
However, because of the rapid advancement of
technology, the insurance industry has grown
into InsurTech.
Insurtech aims to change the current business
model used by insurance companies. It employs
distributed databases and artificial intelligence,
innovations similar to those found on Web 3.0.

3. INTRODUCING WEB 3
Web 3.0, also known as the "Semantic Web," is
built upon edge computing, machine learning,
and decentralized data architecture.
The decentralization of data leverages
blockchain technology to create an open,
secure, and transparent environment,
enabling participants on the network to
interact without requiring an intermediary,
while ensuring that data ownership resides
with the users.
Combined with artificial intelligence, the
expectation is for Web 3.0 to create
efficiencies in the financial system and
deliver a smarter user experience.

4. WEB 1.0 WEB 2.0 WEB 3.0
Mostly Read Only
Company Focus
Home Pages
Owning Content
Web Forms
Directories
Page Views
Banner Advertising
Britannica Online
HTML/Portals
Wildly Read-Write
Community Focus
Blogs/Wikis
Sharing Content
Web Applications
Tagging
Cost Per Click
Interactive Advertising
Wikipedia
XML/RSS
Portable and Personal
Individual Focus
Live-streams/Waves
Consolidation Content
Smart Applications
User Behavior
User Engagement
Behavioural
Advertising
The Semantic Web
RDF/RDFS/OWL
DIFFERENCES BETWEEN WEB 1.0, WEB 2.0, AND WEB 3.0

5. Web 3.0 mainly focuses on connecting data in a decentralized
way, rather than having it stored in centralized repositories.
Users and machines will be able to connect more seamlessly
with data. Also, through artificial intelligence (AI) this version
of the internet will be more intelligent and powerful in terms of
information processing. This also allow machines to more
precisely interpret the meaning behind the data - or its
semantics - in order to deliver significantly smarter user
experiences.
The technology is poised to make filing insurance claims and
eliminating false claims a reality of Web 3.0. It will also open
the world to the reality of Open Banking, something that has
been seen as a distant dream forever.
IMPACT OF WEB 3.0 ON THE
INSURANCE SECTOR

6. BENEFITS OF
WEB 3.0 IN
INSURANCE
STREAMLINED
HIGHER SECURITY
REDUCE COST
BETTER DATA STORAGE
It simplifies underwriting, claims, reinsurance, and payment processes. Conditional events
are triggered via smart contracts which are self-executing lines of code and because of
such automation, several levels of third-party intermediaries.
WEB 3.0's decentralization provides high security. Insurance policyholders can rest
assured that their personal information is safe in the hands of encrypted blockchain
blocks.
With the development of Web 3.0, it is expected that nearly 15-25 percent of fraud will be
eliminated, saving the industry $10 billion and benefiting the customer. Customers will also
pay lower insurance premiums as things move quickly, reliably, and without errors.
Because the data on the blockchain distributed ledger is immutable, it serves as the
single source of truth for everyone. These data stores are trustworthy and accessible in a
secure manner. It allows access to real-time data in order to cut costs even more.

7. ARTIVATIC AND
WEB 3.0
While we cannot predict when Spatial
Web maturity will arrive in the
insurance sector in general, Artivatic.ai
is leveraging the future power of web
3.0 to transform legacy insurance into
digital, personalized, and customer-
centric while keeping our clients'
affordability in mind.

8. Employee & Group Health Benefits rely on the
exchange of private /confidential information
There are many stakeholders are involved in
this process as insurers, employers, brokers,
and employees
Insures, brokers, employers, and employees
use multiple systems, emails, excel sheets,
and documents to get quote & benefits
needed, consumes lots of time, efforts, delay
the entire process, increases the risk of data,
and more.
Provider /Hospital
/Pharmacy/Wellness/Doctors for employees
on a single network to access information,
consulting, and provide benefits in real-time
Instant claims with universal health data
access on Web 3.0
Why Choose Web 3.0

9. ASPIRE HEALTH
ASPIRE HEALTH is a SaaS Driven
platform that allows a network to
connect via single APIs and with a
driven workflow built on Web 3.0.
It is aimed to be the pioneer in the
journey for shared health & insurer
network.
WANT TO HAVE THE DEMO FOR
ASPIRE HEALTH
Contact us at
contact@artivatic.ai

10. THANK YOU!
For More Insights, Visit
https://blog.artivatic.ai/