Consumers demand greater convenience and product customization. Learn how Kaleido’s Blockchain Business Cloud can help the insurance industry digitize legacy processes.
Imagine an immutable database that contains the policy information of every driver on the road today. When a wreck occurs, a police report is loaded to that database, repair estimates follow shortly after, and payments are distributed via this automated system. What hassles are eliminated? How much paperwork is gone? This is the potential of the blockchain in the insurance industry—and it’s a future within reach. Let’s look at some of the benefits the blockchain offers the insurance industry.
Blockchain has the potential to disrupt the insurance industry. As customers demand more modern, convenient business practices and faster settlements, institutions must adopt new technologies to survive in a rapidly changing business climate.
Traditionally, the insurance industry has been slow to change. Paperwork, phone calls, and a hassle to get claims approved met the consumer each time an event occurred. But consumers are demanding more convenience from an industry they have to interact with out of necessity. And insurance companies need to adapt.
Blockchain technology is a way for companies to eliminate overhead, automate claim processing and payments, and protect data. It is also a way for consumers to cut insurance companies out of the industry altogether, forming contract-bound communities that add funds to a pool and extract money when the group approves a claim.