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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Outdated Technology Infrastructure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

Detecting Fraudulent Claims
Streamlining Routine Inspections
Preventing Cyber Risks
Providing Dynamic Pricing
Facilitating Claims and Policy Making Processes
Real-time Asses Tracking
Reducing KYC Costs
Providing Peer-to-Peer Insurance Model

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Beverly Hills, CA