Transform your key processes and leverage the potential of blockchain in insurance:

46% of insurers expect to implement blockchain within 2 years. Source

84% of insurance leaders believe that blockchain shapes business relations effectively. Source


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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Why blockchain is a go-to solution for insurance claims?

Fast operations

Fast operations

No intermediaries

No intermediaries

Secure transactions

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»)

Dots

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

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.

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.

Cut costs with automated claim and data verification

Increase speed and efficiency through smart contracts

Reduce fraud with improved traceability

Enhance customer experience, providing transparency and safety

Remove intermediaries by delegating their tasks to smart contracts

Accelerate claims processing


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

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Blockchain 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.


Explore blockchain solutions for:

Supply chain

Supply chain

If you’re interested in the full range of blockchain solutions for supply chains, we have the experience and expertise to deliver.

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IoT

IoT

OpenLedger delivers innovative solutions combining IoT with encrypted, immutable, auditable blockchains.

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Logistics

Logistics

Improve your logistics processes with blockchain technology to gain competitive advantage and reduce operational costs.

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Healthcare

Healthcare

Use blockchain technology for better privacy protection, efficient data exchange, and secure patient data control in healthcare.

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Real estate

Real estate

Explore the benefits of blockchain in real estate, including data management and financial processing optimization.

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Automotive

Automotive

Whether it's ride-sharing, manufacturing, vehicle tracking, automotive interactions, blockchain can power your business.

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Retail

Retail

Build consumer trust, improve supply chain manageability, protect against counterfeit goods with blockchain for retail.

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Education

Education

OpenLedger brings a team of experienced blockchain developers and creates custom solutions for education projects.

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Charity

Charity

Build trust with donors, recipients and other stakeholders, ensure that aid reaches the right people, and improve administration costs.

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Agriculture

Agriculture

Improve distribution, establish farm-to-shelf supply audits for producers and consumers, and reduce food fraud.

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Legal

Legal

Automate the execution of agreements, provide a secure and maintainable database for documents.

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Why work with us

Extensive expertise

You’ll get access to the expertise both of our own blockchain products and of successfully implemented custom solutions

Extensive expertise

Cutting-edge solutions

The OpenLedger team is pioneering the frontiers of blockchain tech and employing it to drive your company’s success.

Cutting-edge solutions

Highly-skilled dev team

All our tech solutions are built by the in-house cross-functional team. The strongest blockchain specialists on the market will be working on your project

Highly-skilled dev team

Profound R&D

OpenLedger’s outstanding R&D department deeply researches unique ways of improving your products and services, so we can implement them together.

Profound R&D

We’d love to show how blockchain can help your insurance business:

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