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Blockchain Solutions For

Insurance

Our blockchain solutions can transform your insurance business into a more compentent data management and error-free system

Blockchain in Insurance

Blockchain
In Insurance

The biggest problem for the insurance businesses is that no central agency handles it. As a result, many insurance companies use inadequate and costly procedures to eliminate fraud. They also use outdated tools that produce poor results and consume plenty of resources.

Blockchain is a breakthrough technology with the possibility to solve these issues on its own. It is proven to be an effective technique used in the insurance sector. It has provided options to enhance efficiency while lowering costs and eliminating third-party interference.

Additionally, blockchain technology enables faster transactions, enforces joint smart contracts, maintains data integrity and makes the entire process more secure. As a result, insurance businesses implementing blockchain technology will produce more revenue and save time.

Use-cases of Blockchain For Insurance

Use-cases of Blockchain For Insurance

The use of blockchain technology can enhance existing insurance processes and complement current business methods.

Improved existing processes

As a real-world use case, insurance companies can use Blockchain for paying salaries, bonuses, and transaction requirements at a less expensive rate. As a more complex interaction, Blockchain can function as a shared database between different insurers.

Claim management

Integration of smart contracts in insurance companies can optimise the process more effectively. For example, traditional insurance, which requires several days of delay, will be significantly reduced by applying blockchain technology. Blockchain also allows insurers to see how many times a client has made claims, as well as if the amount claimed was justified or not. As a result, there will be a reduction in insurance fraud and claim payments due to smart contracts.

Cyber security

Insurance companies can integrate blockchain solutions to protect insured clients’ data. In addition, Blockchain will allow storage and management of sensitive information while keeping it safe from unauthorised access. As a result, Blockchain will improve data quality, efficiency, and security.

New insurance practices

Businesses can introduce new insurance methods that represent a radical introduction of blockchain technology through the auto-insuring of smart contracts and decentralised apps.

Smart contracts

The insurance sector comprises insurers, healthcare providers, and clients. While constantly exchanging data, the process is full of inefficiencies associated with wasted funds. Blockchain will aid them by making the system more transparent by applying smart contracts in insurance businesses. As a result, Blockchain reduces costs by cutting out intermediaries (such as brokers) and increases the transparency of your data.

Reinsurance

Blockchain technology can help insurance companies to reexamine their risk models. The transparent nature of the Blockchain will reduce insurance fraud and allow them to lower their overheads. As a result, reinsurer companies and insurers will find ways to balance the insurance market by eliminating excess risks.

Benefits to the insurance sector

Nature Of Blockchain Brings Numerous

Benefits To The Insurance Sector

Immutable

Blockchain can ensure provenance, verifiability, and immutability. Insurance companies often face difficulties in fraudulent claims. Blockchain searches customers’ records in advance and ensures no fraudulent records. If there is any activity, the Blockchain can point it out to the insurer

Cost-effective

Blockchain can automate the information storage and verification process, increasing information accuracy and speeding up the processing time. Consequently, Blockchain in the insurance sector will save money verifying customer identity documents.

Reliable

Insurance fraud costs billions of dollars annually, and Blockchain is a proven solution to those problems. Blockchain can help insurance companies ensure that claims are accurate. Since blockchains are immutable, insurance claims cannot be lost or forgotten.

Microinsurance

Blockchain-based microinsurance is a digital ecosystem for insurance customers. The program creates a market for low-income citizens to acquire microinsurance with new possibilities. Blockchain technology’s transparency and disruptive qualities could revolutionise the insurance industry.

Transparent

Blockchain provides transparency. The data stored on blocks will always remain safe if it is not tampered with by hackers or other malicious parties. In addition, insurance companies cannot lose data stored within your system because of its high encryption by default which means that even if someone tries accessing your system illegally (by stealing passwords etc.)

Peer-to-peer payments

Blockchain technology ensures p2p payments between insurers and clients. Blockchain eliminates the need for messy paperwork and bureaucracy. As a result, Blockchain technology simplifies administration and execution processes in the insurance industry.

Insurance business with Blockchain

Business Possibilities To Grow Your Insurance

Business With Blockchain

Automation

Blockchain is a secure database that insurance companies can use to verify claims and payment settlements. Blockchain technology has provided automated insurance processes from claim verification to payment. Thus, operations become more efficient and accurate within the insurance industry.

More customers

Blockchain guarantees a trustworthy and user-friendly network for customers. The transparency and immutability of this distributed ledger will help an insurance company to gain clients’ loyalty and faith. In turn, insurance companies will be able to engage more customers and generate revenue.

Internet of things

Insurance is a complex industry that has not been entirely digitised and automated. However, blockchain technology and IoT (Internet of Things) is causing a revolution in the insurance field with smart contracts introducing trustless, decentralised insurance.

Accessibility

Blockchain is a prone platform for enabling easily accessible insurance services. Blockchain allows easy accessibility of insurance services by bringing together insurers, reinsurers and those who need insurance through individual networks

Support your insurance

How Can We Support Your Insurance Business

To Generate More Results?

Our insurance solutions are worthwhile to meet the needs of businesses from concept development to implementation.

Our process

The process we utilise to develop the application is flexible and depends on the client’s needs. First, we follow the market trends and customers’ requirements to create a new blockchain model for the application. Then, we customise a prototype of the product.

Admin console

The next step is developing an Admin Console to monitor verification, payment, and other blockchain processes. With this console, you can relax because it will be easy to use, adjustable, and efficient. In addition, the admin can intervene and resolve the issue if an unpredicted situation occurs.

Smart contract integration

We develop smart contracts for insurance companies to have automated systems instead of human workers for contract execution. Using these smart contracts, insurance companies can eliminate the costs spent on labour, automate the verification processes, and enhance data accuracy.

DApp

Our blockchain insurance DApp development service lets you handle the risks of insuring your new products and services without hassle. Persistently, we provide a customised, high-quality decentralised application. Your DApp is developed from the beginning so that you can access an easy-to-use decentralised application.

Crypto payment gateway

We create the best crypto payment gateway that delivers smooth and fast cryptocurrency transactions. In addition to fiat payment methods, retailers can receive crypto payments globally by executing this crypto gateway.

24/7 support

Our blockchain expertise upkeeps your entire blockchain application development and supports your business. We aim to bring transformation and scalability into your business from preparing to deployment. We continue to provide seamless on-demand software maintenance and 24/7 aid, so you can have peace of mind knowing that your insurance business is forging revenue.

Makes Bloxbytes Different?

What Makes Bloxbytes
Different?

You

As business stakeholders, need assistance in adopting new technology, making a global presence, growing revenue, and boosting profits.

We

Begin with a conversation about what you require from an enterprise blockchain consulting partner - today and in the future. We’ve got the expertise to bring your ideas to life cost-effectively, from business strategy to blockchain advisory and design to development and ongoing support. Whether you are an early adopter or already in the game, our team guides you through all steps of integrating blockchain technology into your business.

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No matter what challenges you face, the market trends you wish to follow, or a blockchain product you want to develop. Bloxbytes got you covered with all your blockchain in fintech needs.So why not contact us for a consultation

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BloxBytes is a leading enterprise blockchain development company with 10+ years of experience in gaming, fintech and health care markets, headquartered in the United States with branch offices in 3+ countries.
Our blockchain consulting and development services ensure full-cycle technical support for your token offering, blockchain network creation for your business, or tokenisation of your assets, from conceptual architectural and tokenisation design, smart contracts, sidechain deployment and integration with the public blockchain to website deployment and infrastructure maintenance for your product.

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