DIGITAL TRANSFORMATION
“THE MAIN BENEFITS OF BLOCKCHAIN USE IN INSURTECH ARE TO IMPROVE TRANSPARENCY , PREVENT FRAUD , AND SAVE TIME ”
PAUL SHERMAN CHIEF MARKETING OFFICER AT OLIVE . COM blockchain leaves no room for corruption . It also provides customers with a great deal of fairness because insurance companies will be unable to conceal their earnings .
On this topic , Paul Sherman , Chief Marketing Officer at Olive . com , said , " The main benefits of blockchain use in insurtech are to improve transparency , prevent fraud , and save time . Blockchain technology makes claims processes three times faster and five times cheaper , thus decreasing the likelihood of fraud . This results in huge societal benefits given that the FBI reports that the cost of insurance fraud in the US is over $ 40bn per year ."
Blockchain could also help with compliance audits by making sure everyone involved complies with
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