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Blockchain is ready to transform the industries, one after the other, and it seems that the insurance sector is next on the list.
As the founder of InsureBlocks, a blockchain-based startup in the education sector, Walid Al Saqqaf believes that blockchain technology is evolving early to emerge as a basis for conducting the insurance business.
What makes the blockchain a perfect choice for the insurance industry is its decentralized nature that allows users to share their data securely and confidentially. This is perhaps the reason why a series of products and startups are popping up.
In this article, we will take a closer look at the various innovators who are streamlining the industry.
The first…
B3i's North American representative, Susan Joseph, explains that B3i is planning to introduce a robust blockchain-enabled ecosystem, which will be launched for the first time in the reinsurance sector and will then be introduced into commercial insurance.
The first product will cover the catastrophic excess of losses and should come out in January. Through their infrastructure, they hope to create products and services to automate charged and inefficient procedures.
The second one…
The RiskBlock Alliance is working on another great innovation. The group includes 34 insurers and brokers belonging to incidents and properties and plans to introduce blockchain-based solutions for various real-world problems.
For this to happen, the group has created a framework based on blockchain, Canopy. It includes various interconnected blockchains. The project proved to be promising, attracting the consulting firm, Deloitte, which announced on September 25th to help the Institute's RiskBlock Alliance expand into Canada.
RiskBlock aims to combat fraud in the industry through blockchain technology. It is a blockchain consortium composed of over 30 insurance companies.
The third…
While RiskBlock Alliance and B3i are working hard streamline current processesthere are other innovators like Etherisc who have developed smart contract tools to create decentralized insurance policies on the Ethereum blockchain.
FlightDelay is an application that provides users with an insurance against the risk that their flight will be canceled or delayed. Policies can be purchased using a credit card and, if their flight is delayed by 45 minutes or more, insured persons automatically receive the appropriate amount without documents.
There is another Etherisc application that allows Puerto Ricans to secure their homes against hurricanes at risk up to $ 5,000. In the event that the houses are damaged by hurricanes, the policy provides the insured with an automatic payment.
Wrapping up
Blockchain is really an incredible technology that humans have ever developed. While traditional insurers are working to simplify existing processes, there are insurance technology entrepreneurs who are transforming the industry entirely by introducing smart insurance products.
The potential of blockchain technology and insurance are numerous and the developments are quite promising. We expect to see interesting projects this year, as technology matures and is adopted more deeply in all industries.
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