How blockchain can disrupt the insurance industry

Yahoo Finance.

Below are four areas blockchain could improve within the industry:

1. Security: Because blockchain is a public, decentralized ledger, the technology can be accessed by all parities involved who verify all transactions. This makes it easier to detect potential fraud activity. The technology also can validate every piece of data inputted.

2. Third parties: Blockchain centers around the removal of third parties. The decentralized ledger can automate all the transactions and claims through personalized devices. Users can more easily view past claims and payments through the blockchain.

3. Customer loyalty: Blockchain technology aims to eliminate policy burdens that customers have faced in the past. Customers will be able to access their histories and necessary information without needed to jump through hoops to get in contact with providers.

4. Reinsurance: Blockchain networks are designed to reduce risk by streaming the flow of information between reinsurers and insures on a shared ledger. Reinsurance can get very complex as it protects insurance companies when large numbers of claims accumulate at a single time.

More articles on payers:
Judge steps down from UnitedHealth case over ‘immoral’ denial of cancer treatment
House Democrats unveil Medicare expansion plan: 8 things to know
Humana posts $566M profit in Q1

© Copyright ASC COMMUNICATIONS 2019. Interested in LINKING to or REPRINTING this content? View our policies by clicking here.

Source Link