TECH & AI a transparent and unalterable history of each claim , preventing multiple claims for the same incident and ensuring data integrity ,” says Shaun .
Additionally , blockchain can simplify data sharing between insurers and reinsurers , ensuring accurate and verifiable data exchange :
• Claims processing can be streamlined through the automation and validation of claims via smart contracts , reducing fraud and ensuring quick and fair settlements .
• Policy management can benefit from the use of blockchain , allowing for real-time updates , increased accuracy , and reduced administrative costs .
• Blockchain can enhance risk management by providing immutable records of transactions and data , which improves the accuracy of risk assessments and underwriting processes .
“ This can enhance transparency and efficiency in the reinsurance sector . The technology also enables secure and immediate cross-border transactions , reducing transaction times and costs while increasing security .”
Real world applications in 2024 One of the most explored applications of blockchain in the insurance industry is smart contracting . In this approach , contract terms are managed on the blockchain , and payments are automatically triggered without manual intervention when specific conditions are met . The payment records are securely stored on the blockchain , ensuring that the execution of the contract is tamperproof and transparent .
The primary advantage of smart contracts is the elimination of manual intervention , with all actions executed
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