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Blockchain Use Cases – Insurance Industry

Actionable Intelligence for technology decision-makers. Navigate through the noise surrounding blockchain, and focus on how the insurance industry is embracing blockchain.

Popular Enterprise Blockchain Use Cases – Insurance Industry

Reinsurance

Key Stakeholders: Insurance broker, Investment advisory firm, Asset management company, Insurance companies

Key Benefits: Blockchain makes the visibility of reinsurance contracts and risk exposures clearer thereby reducing disputes, easing re-insurance audits and smoothing cash flows..

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Catastrophe Swap

Key Stakeholders: Insurance providers, Investment advisory firm, Asset management company, Banks

Key Benefits: Blockchain-based smart contract technology has the potential to facilitate and accelerate the contract management process of catastrophe swaps and bonds.

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Bancassurance

 Key Stakeholders: Banks, Insurance companies

Key Benefits: The security, transparency, accountability, and trust associated in bancassurance processes is improved and manual intervention is reduced.

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Health Insurance

Key Stakeholders: Hospitals, Insurance providers

Key Benefits: Smart contracts can be used for automating the adjudication process by distributing and making claims transparent to the insurer and provider, showing potential errors and frauds that can be corrected or investigated quickly.

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Marine Insurance

Key Stakeholders: Shipping & Logistics firms, Insurance providers

Key Benefits: Blockchain platform connect brokers, insurers, and shippers to a distributed ledger that creates an immutable record of identities of a transaction’s stakeholder, as well as risk and exposure data related to a specific shipment.

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High-value product Insurance

Key Stakeholders: Insurance providers

Key Benefits: Blockchain can catalogue and verify the ownership of high-value assets via digital certification and tracking of assets across the supply chain.

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Claim Underwriting

Key Stakeholders: Insurance providers, Banks

Key Benefits: A smarter way to process and manage claims allows underwriters to source data from trusted and verified external sources to automate the aspects of underwriting.

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Know Your Customer

Key Stakeholders: Insurance companies, Banks, Assurance and risk management companies

Key Benefits: Cryptographically secured records facilitate the secure sharing of information across an organization and to appropriate third parties. Allows insurers to efficiently verify customer identities.

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Insurance Marketplace

Key Stakeholders: Insurance Companies 

Key Benefits: A broader spectrum of insurance merchants can increase the revenue from up-selling. In turn, insurance companies can sell their insurances to more customers and customers end up with more offers and competitive prices.

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Auto Insurance

Key Stakeholders: Insurance companies

Key Benefits: Allows to identify high-risk drivers, validate information included on applications and give consumers more control over their premiums. 

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Captive Insurance

Key Stakeholders: Insurance companies, Governments

Key Benefits: Blockchain technology plays an important role in managing the complex multinational policy contract

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SME Insurance

Key Stakeholders: Insurance companies, Telecoms

Key Benefits: Allows small and medium enterprises to buy insurance via a single platform. The platform creates a secure and fraud proof system and eliminates the need of middlemen.

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Claim Settlement and Management

Key Stakeholders: Banks, Insurance providers, Insurtech companies

Key Benefits: A customer-focused claims model enable the insurer and various third parties to easily and instantly access and update relevant information, thereby improving coordination and communication between customer and insurance agent.

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Subrogation

Key Stakeholders: Insurance companies

Key Benefits: Blockchain could provide a shared mechanism for insurers to use and manage the subrogation process and handle intercompany claims.

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Compliance

Key Stakeholders: Financial regulators, Banks, Insurance companies, Stock exchange, Governments

Key Benefits: Streamlines the regulatory reporting process, as well as provides the opportunity to improve security, accessibility and accuracy of data for regulators. Compliance programmed in blockchain can automatically verify policy holders, service providers, and claims.

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Flight-delay Insurance

Key Stakeholders: Insurance companies, Airlines

Key Benefits: Customers can receive instant, transparent and complete claims due to the records on blockchain platform. This leads to saving on administrative costs also, not only for insurance companies, but for other stakeholders involved too.

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Consumer Products Insurance

Key Stakeholders: Insurance companies, Consumers

Key Benefits: Blockchain has the potential to ease the cumbersome insurance process for consumers and eliminate the intermediaries between consumers and insurers.

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