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Blockchain for insurance: innovation and revolution

Blockchain for insurance ? Unlike other economic sectors, in the insurance area it seems to make decisive steps forward. For what reason? With blockchains, insurance companies can track and archive all data and information and thus ensure transparent assessments.

Blockchain for insurance: innovation and revolution

But let's try to explain what blockchain means: distributed databases that do not have a central authority, within which information and data are collected, which are then made available to those who need it for use or acquisition.

The debate about their use is definitely heated, many critical observers of the "block chain" believe that this technology is an expensive and difficult solution to practice. This, except for insurance, where blockchains could really make a difference. The economic model of the insurance is based on the coverage of a risk and on the verification of certain conditions.

Trying to insert the databases distributed in this context, Ernst & Young has identified five key areas for the use of blockchain in the insurance sector, which are: anti-fraud and risk prevention, accident prevention and management, internet of things, new payment and reinsurance models. So how can the blockchain application in the insurance sector intervene ?

Tracing and detecting the data that today are acquired by new tracking technologies, such as GPS, or by other sensors that save information within the blockchain databases thus making them available for checks and assessments. The goal is to have greater knowledge of the asset to be assured in order to better calculate the risk based on actual data, cutting management costs and bureaucracy.

The blockchain application can create different insurance models created by measuring actual and not hypothetical data. We have a first approach to use with Black Insurance, an Estonian startup that would like to connect brokers directly to capital, using distributed database technology. This company wants to give individuals the chance to invest directly in a portfolio currently accessible only to large insurance companies.

In this way, insurance brokers can meet market needs by providing more flexible insurance products that are optimized for the end user. The development of blockchain insurance technology is absolutely not free, but can actually produce benefits for both parties.

For the insured there may be insurance products that guarantee ever-increasing coverage, assessed on the basis of real and personal conditions, not generic statistical data. At the same time, insurance brokers and agencies can count on a database to find correct and transparent data for the creation and evaluation of customized and less expensive solutions.
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About Minh Hiếu

Le Minh Hieu is a national-level weightlifter and a Singapore Weightlifting sports performance coach. Hieu's biggest passion is helping everyone find confidence, happiness, and health through fitness.

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