TECHNOLOGY
WHICH COMPANIES ARE CURRENTLY USING SMART CONTRACTS ?
Technology heavyweights and insurtech newcomers alike are already using smart contract solutions to create new products and services .
IBM Blockchain IBM is offering the insurance industry a range of solutions for smart contracts via its initiative , IBM Blockchain . The innovative R & D carried out by the technology giant has already led to insurance groups automating a number of processes , especially within claims and underwriting . The solutions provided by IBM Blockchain have resulted in fewer fraud incidents , faster completion times and increased trust with customers .
There is a fixed monthly fee , which incorporates a percentage towards potential claims being made . If a claim is made , Lemonade ’ s blockchain-based contract can immediately clarify loss and ensure payments are released quickly to the customer .
Nationwide Insurance Despite being a well-established incumbent , Nationwide Insurance , which is based in Ohio , has embraced blockchain technology . The company is partnered with the RiskBlock Alliance and was the first insurer to adopt the blockchain platform for smart contract purposes . Nationwide ’ s blockchain contracts enable customers to action claims by verifying their losses via law enforcement reports , thereby triggering swift payouts .
Lemonade Already hailed for its exemplary customer service record , Lemonade – which is based in New York and is one of the fastestgrowing insurtechs in the US – currently combines ledger and AI technologies to provide smart contracts to customers seeking homeowner and rental cover . The solution is low cost and efficient , with policy premiums as small as US $ 5-25 per month .