The global insurance professional, Beazley and other companies such as Bitfury have revealed its plan to develop blockchain insurance solution for crisis situations such as mass shootings. According to the report, the policyholders and insurers are able to record and share real-time information regarding the threats with the use of blockchain technology.
A blockchain-based insurance product has been developed by a decentralized insurance platform, Etherisc to cover the damage of residents in Puerto Rico. The Co-Founder of Etherisc Stephan Karpischek stated, “The hurricane insurance is the first use case that embodies our belief in what insurance should achieve – helping people solve real problems and manage risks in their communities.”
ZhongAn Online, an insurance company, aims to embrace blockchain technology for restructuring the quality control system and maintain a database of the chicken supply chain. The system will apply facial recognition software to enable easy access to the information stored on the decentralized platform. The anklets worn by the chickens are linked to the blockchain system.
Allianz, insurance company, is trailing the transfer of Allianz Token between the affiliates so as to reduce efforts with respect to currency conversions and others. The company has embraced blockchain tech support extended by Adjoint. The money received is converted to tokens. Oliver Volk, an expert at the Allianz reinsurance unit, has confirmed that the entity plans to launch the tokens.
Marsh in association with IBM, ACORD, and ISN introduces a blockchain solution for proof of insurance. The said solution is being worked on the open source Hyperledger Fabric technology and IBM Blockchain Platform. An official at Marsh said, “Blockchain technology could serve maximized efficiency and new opportunities in the insurance value chain.”
The Hong Kong Federation of Insurers (HKFI) is establishing a blockchain integrated insurance platform. The secretary of HKFI, James Lau, highlighted that the blockchain technology would contribute to the enhancement of insurance sector. Lau quoted, “The use of blockchain technology can raise business efficiency and allow insurers to enjoy easy and secure access to timely and accurate data.”
The UnitedHealth Group and Humana are to experiment blockchain technology for tracing provider information. The insurers would unveil a new program jointly with Quest Diagnostics and Multiplan aiming to lessen costs by sharing information. The administrative costs are projected to be beyond $2 billion dollars a year.
Blockchain started in the simplest form to run Bitcoin and since then the technology evolved and adopted by various industries that aim to enhance their businesses to become more efficient. Reported that, Allstate Insurance is taking Blockchain to the insurance industry seriously to improve claims payments process and a lower fee of coverage.
Startumn, a Blockchain startup proclaimed completion of a ‘Blockchain proof-of concept trial’ linking 14 insurance companies. The French Federation of Insurers steered the trail and received support from Deloitte, an accounting firm. This is proposed to set an edge for reforming insurance industry with Blockchain technology permitting users to switch insurers.