DIGITAL TRANSFORMATION
government regulators . In turn , it reduces costs , decreases turnaround time and requires less human intervention . Tiago Henriques , Director of Engineering for Security , Coalition , said , " As a technology , blockchain is relatively new , and what we ’ ve observed is that the infosec community is still gaining knowledge with this technology and building both tooling for defence and attack techniques ."
When companies can keep better track of financial records , it is harder to commit fraud since any changes made after initial processing cannot go unnoticed . In addition , some companies see value in sharing specific data with their customers as a way to increase trust between both parties . The biggest challenge is around regulating such data .
Automatic claims and data processing The insurance industry could save billions of dollars by cutting out administrative costs through automation . Furthermore , the user experience would be more convenient for customers since they would not need to file claims or deal with long calls waiting on hold with bad quality background music .
According to Anthony Martin , CEO and Founder of Choice Mutual , " Blockchain tech can automate filing for the insured ’ s death claim . Smart contracts enable life insurance companies to automatically receive information and verify the insured ’ s death when a hospital uses blockchainbased systems . Therefore , beneficiaries can grieve without extra worry ." He also thinks blockchain can provide a quicker option in situations where weeks or months are a long time for beneficiaries without emergency money to wait for payouts .
“ THE VALUE A BLOCKCHAIN PLATFORM COULD BRING AND THE INTRODUCTION OF CRYPTO-FUNDED INSURANCE POLICIES WOULD BE QUITE THE GAME-CHANGER ”
SAMANTHA CHOW AT EIS GROUP
Some experts , such as Christoph Mussenbrock , the Co-Founder at Etherisc , believe insurance will eventually become fully automated by connecting to the internet of things ( IoT ) and artificial intelligence ( AI ) to handle all aspects of insurance alone . He said , " People will not even need to remember they filed an application with an insurance company ." As a starting point , Sidharth Sogani , CEO of Crebaco , suggests it could be used for the " tracking of luggage via IoT tags to ensure end to end accountability of luggage and prevent claims due to lost luggage ."
72 January 2022