The insurance industry is undergoing a perfect storm. Shifting customer demand trends, advancing technology trends, hikes in data, the aftereffects of natural calamities, changing demographics, and ever-evolving regulations are some of the factors that shake this industry to its roots.
Customers want more from their insurance as they all now expect the speed and elegance of digital retail. Service providers want to conduct their business when they want, where they want, and by using the channel of their choice. Also, customers are becoming increasingly savvy to compare offerings and prices with competitions in an instance.
Technology today is creating a wealth of new possibilities. The approach of Big Data creates possibilities for insurers to make use of unique insights into their end-customers’ lives, property, health, wealth, and behavioral patterns.
With strides of Artificial intelligence, insurers are able to scrutinize this data speedily and efficiently. It enables them personalized approaches to risk management, reduced liabilities, and lower premiums in return.
Whereas the Blockchain technology enables the insurers to verify the insured claims of their customers without any central authority, keeping it transparent to their customers, with full security, and with efficient automation.
In this block, we cover amazing blockchain use cases in insurance business and its amazing application. Blockchain technology has the power to disrupt the medieval Insurance processes.