Simplified and / or automated claim submission
Enhanced customer experience
Automated claim processing
Reduction in fraudulent claims
Integrated data resources
Streamlined payment process
POC for internal processes
A blockchain ledger could provide insight and notification if one of those reinsurers then tried to offload some of its portion to a subsidiary of the other reinsurer. It also would help insurers gain confidence that, as they pay out claims, they are appropriately rebalancing their capital exposures against specific risks.
At minimum, global insurers can use blockchain to cut asset management costs by reducing the hedging fees they pay to protect themselves from currency fluctuations in international transactions.
B3i Services AG’s purpose is to provide insurance solutions on a blockchain platform that substantially improves efficiency across the value chain of the re/insurance industry — in some cases up to 30 percent, said B3i Services in a statement.
Global, digital ledger that provides audit trail for valuable assets throughout their lifetime journey. This digital incarnation, or thumbprint, is used by various stakeholders across a supply chain pipeline to form provenance and verify authenticity.
Started with diamonds. Can be used for tokenized assets (like real estate).
Use blockchain for onboarding of new customers or verification of policy holders identity. Brings reduced admin cost and speed-up process for onboarding.
Automatic compensation for flight delays
Medical sensors data (ambiotex)
Can be used for:
Smart contracts can automate certain aspects of insurance contracts, driven by cognitive services and trusted Internet of Things (IoT) data feeds. E.g. Vehicle insurance costs can differ on the performance of the driver.
The emergence of the sharing economy, exemplified by companies such as Uber and Airbnb, has created the opportunity for new, dynamic insurance products that address the challenges inherent in leveraging personal assets for commercial purposes.
Non-underwritten products—tightly integrated with the blockchain for policy administration, claim handling, and ultimately payment—reduce overheads at nearly every point in an insurance company’s operations, resulting in the potential for significant margin growth in even the most mature markets.