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Blockchain’s Influence on the Insurance Industry

Blockchain’s Influence on the Insurance Industry

Medici examines the potential blockchain can have on the insurance industry. According to the article, blockchain is the answer to various stress-points throughout the insurance value chain. Areas where blockchain applications are being developed include: claims management and verification, new product and platform development, and record keeping, according to the article. 

The key benefits towards value chain for insurance include:

  • Reduced costs related to commission, sales and operation
  • Reduced cost of operations
  • Reduced cost and increased speed of payments
  • Reduced average claims cost
  • Reduced admin cost and speed-up process for onboarding
  • Reduce admin cost