Eliminate manual errors and detect fraudulent activity with blockchain technology in insurance.
Easily verify KYC data, check policy and claim authenticity and access full immutable records.
Challenges in the insurance industry
Change the way your company provides transparency and builds business opportunities, solving major challenges in the industry with OpenLedger, a leading expert in blockchain insurance development.
Insurance companies and organizations face a number of challenges:
- Inefficient exchange of information
- Fraud-prone industry
- Complex liability assessments for reinsurance
- Too many middlemen
- Manual claims management
- Complex risk coverage
- Limited underwriting accuracy
- Fragmented data sources
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Contact UsWhy blockchain is a go-to solution for insurance claims?
Fast operations
No intermediaries
Secure transactions
Company
Distributed
All network participants have a full copy of the ledger for full transparency.
Supplier B
Anonymous
The identity of participants is either pseudonymous or anonymous
Merchant B
Time-stamped
Transaction timestamp is recorded in a block
Bank B
Consensus
All network participants agree to the validity of each of the records
Bank A
Immutable
Any validated records are irreversible and cannot be changed
Merchant A
Secure
All records are individually encrypted
Supplier A
Programmable
A blockchain is programmable («smart contracts»)
Blockchain and insurance: applications
Blockchain in insurance offers major opportunities for the industry, even while legal and regulatory hurdles remain in some areas. Here are the nine areas where OpenLedger sees the biggest potential for custom blockchain development in insurance.
Fraud detection and prevention
Claims processing
Blockchain permits data to be simultaneously accessible and secure. Insurance companies can access complete, up-to-date information — everything from claims forms to police reports.
Enhance risk management, accelerate claims processing and improve data accuracy.
Health insurance
In blockchain-powered health insurance environments, all parties can securely and instantly store, update and share medical records.
This accelerates interoperability, leads to the creation of entirely new types of interactive policies and launches value-rich innovative services in health insurance.
Internet of Things (IoT) and product development
Blockchain technology renders the internet of things secure as well as connected. Insurance companies can access data from vast webs of connected devices and objects, fueling diverse use cases including development of actuarial models and new products such as usage-based insurance.
New distribution and payment business models
Blockchain technology reduces asset management costs, decreasing the hedging fees insurers must pay to protect themselves from currency fluctuations in international transactions and boosting capital efficiencies through automation and increasing numbers of mobile wallets.
Property and casualty insurance
Transform the way physical assets are managed, tracked and insured digitally with blockchain technology.
Realize multiple use cases, leveraging blockchain to digitize business rules, and automate execution and monitoring of operational processes, and providing enhanced customer experiences to your real estate clients.
Smart contracts
A blockchain application for insurance that can connect real-time information from multiple systems and activities triggered by events such as flight delays, emergencies and health or financial developments.
Give customers faster, more accurate claims processing, payments and reimbursements.
Value chain
Secure and easy asset tracking delivers significant benefits for blockchain-powered insurance companies.
Offer your HNWI and institutional clients secure and easy tracking and proof of ownership and value on assets like artworks, jewelry or wine.
Reinsurance
Blockchain application in reinsurance provides accurate reserve calculations based on current contracts.
This data informs insurers about financial details and ensures that they are rebalancing their exposures against specific risks.
How you can benefit from blockchain in the insurance industry
OpenLedger delivers deep expertise in blockchain and insurance, advising clients on how to use this technology to revolutionize their industry.
Insurance companies making use of blockchain
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Drop us a line about your future project, and we'll get back to you with details within one business day
Contact UsBlockchain in insurance — opportunities for your business
The insurance industry has traditionally been associated with routine and administration, with large amounts of paperwork and at times with a lack of trust.
Blockchain has the potential to transform the insurance business, delivering operational efficiency, security and transparency.
Customer satisfaction
Blockchain provides insurance business with the opportunity to become more engaged and open with customers through a fair and compliant supply chain and IoT systems.
Competitive advantage
Get early-adopter advantages when you opt for blockchain solutions. Reduce administrative workload, enjoy consistent data tracking and guarantee your clients scalable operations and international partnerships.
Transparency and trust
Blockchain brings trust and transparency to the insurance world. Smart contracts and automated claims eliminate human input and verifiable, immutable records demonstrate accuracy.
Reduced administrative costs
Blockchain diminishes the role of mediators and lowers administrative costs, reducing or automating the administrative burden, decreasing human error and duplications, and simplifying transactions.
