Blockchain In Insurance
Insurance is one of the golden geese of the blockchain, an industry with so much paperwork, sensitive data, and manual processes that it almost seems obvious that it will eventually adopt blockchain technology to streamline its claims processes, data storage, and even — eventually — its payments. State Farm is among the first notable insurance carriers to announce that it is investigating such a move as regards the claims payment process.
PolicyBazaar, an Indian insurance company announced that it was tying up with Accrivis Network, which is a data integration platform provider, to integrate blockchain to ensure ‘customer centricity through data security and application integration’ on Thursday.
According to a report published by The Tech Panda, the company is looking to integrate blockchain in an effort to reduce data tampering and to ensure payments shared are done so in a timely manner. With the help of this technology, the company seeks to keep a close watch on executive frauds, which has affected the insurance industry in the past. The report further claimed, that presently, the Indian insurance industry has lost US$6.25 billion or nearly 10% of its revenue on grounds of various frauds, of which, 86% are attributed to the life insurance sector.
The Australian federal government is exploring the use of blockchain-based “smart money” for use in its National Disability Insurance Scheme (NDIS), according to an Oct. 9 press release.
The trial, dubbed “Making Money Smart,” has been jointly developed by the Commonwealth Bank of Australia (CBA) and Data61. The latter is a digital innovation center that forms part of the Commonwealth Scientific and Industrial Research Organisation (CSIRO) — an Australian government corporate entity that undertakes scientific research to advance diverse local industries.
‘Big Four’ audit and consulting firm Deloitte will help The Institutes RiskBlock Alliance blockchain consortium expand into Canada, according to an announcement published September 25.
RiskBlock Alliance is a U.S.-based consortium launched in 2017, which focuses on the application of blockchain technology in the insurance industry, with more than 30 participant organizations. The alliance is reportedly looking to launch blockchain-based applications, including a proof of insurance app, which is “a first notice of loss data-sharing process and a smart contract-enabled subrogation tool.”