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Insurance

Insurance plays a pivotal role, especially in the economic sector and families and individuals’ well-being. In USA and in other parts of the world, different types of insurance are key cogs as well. Every year, this sector is responsible for billions of dollars’ worth of revenues.

It’s not always sunshine and rainbows when it comes to the insurance. Most of the insurance companies are falling behind when the rest of the world is climbing towards a new era.

With blockchain, the insurance industry is projected to grow from $64.5 million to $1.39 billion by the year 2023. Instead of viewing the blockchain as the enemy, the insurance industry can leverage this technology’s disruptive nature to regain its glory and draw people back to a transparent and streamlined process.

What are the major issues of the insurance sector?

Limited Market Growth
Increasing Fraudulent Claims
Rising Costs of Operations
Inefficient Exchange of Data
Outdated Technology Infrastructure
Slow Insurance Claim Process

Key use cases of blockchain in insurance

01
Detecting Fraudulent Claims
02
Streamlining Routine Inspections
03
Preventing Cyber Risks
04
Providing Dynamic Pricing
05
Facilitating Claims and Policy Making Processes
06
Real-time Asses Tracking
07
Reducing KYC Costs
08
Providing Peer-to-Peer Insurance Model

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Beverly Hills, CA