Blockchain technology has the ability to simplify and reduce the cost of insurers' claims-verification and management processes.
Albany, NY -- (SBWIRE) -- 10/05/2017 -- Blockchain is fundamental to Bitcoin crypto currency and is digital ledger where transactions are verified and then stored publically in a chronological fashion. Blockchain stores dynamic and static transaction records without needing any sort of central coordination, all while continuously ensuring the validity of every transaction. Every user needs verification to gain access to the database and is then given complete authority once access is granted. In addition, the system is immutable i.e. a record or function once set cannot be changed or undone, making it vastly more secure and fool-proof. To study in-depth, Market Research Hub (MRH) has recently added the 'Blockchain in Insurance -2017' report to its repository hub.
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Blockchain is basically an intermediary with the capacity to transact value by way of digital assets, records, currency, and data. Blockchain is hard-coded and includes a smart contracts facility that is relied upon to follow through encrypted instructions if a predefined event takes place. For e.g. - The system will pay an amount to a certain party.
Scope of the Report
The Blockchain Insurance 2017 report discusses how this game-changing technology is impacting the insurance industry in 2017 and how it could shape the direction of the industry going forward. The report gives a brief overview of how Blockchain technology functions and then elaborates how it is effectively deployed to change the way insurers work. In the insurance industry, this could allow insurers to substantially reduce the claim management operations costs. The report analyses the difficulties and challenges faced by various insurers that could restrict their ability to exploit the immense potential that exists in Blockchain technology for the purpose of maximizing profitability.
The Blockchain Insurance 2017 report explains in great detail how Blockchain works along with its impact on insurance vis-à-vis other industries. The report has given an in-depth explanation on how Blockchain can change the game in the insurance industry. The report delivers an exhaustive analysis on how regulators are anticipated to react to the rise of Blockchain.
Blockchain has the dual benefit of simplifying and reducing insurer management process and claim-verification costs. The best example is Blockchain implementation in smart contracts that pay based on the proof submitted with the need for human approval or intervention. For e.g. – In case of a car accident, a policyholder can take a photo of the vehicle damage and upload it directly to the insurers app that is then used as evidence and stored on Blockchain. Only then does the smart contract receive the direction to pay the policyholder the necessary sum.
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Even though insurers have begun to invest in Blockchain and digital labs now, they still lag their banking counterparts who are plowing big bucks into Blockchain technology. The absence of historical data is a major issue for underwriters who need to have base pricing on considerably less hard data in contrast to commercial liability lines.
Why Buy This Report?
- The report helps understand Blockchain technology and its numerous applications in insurance
- The reader can get a grasp of which insurers are utilizing Blockchain to the fullest
- The report assesses the hurdles faced by insurers in fully implementing Blockchain technology into their operations and the different approaches that they may adopt
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