The insurance industry has one of the most resource demanding processes in order to complete a cycle that defines a completed transaction. In this case, an insurance application was successfully filed and stored — but at the cost of time, personnel collaboration and paperwork. Now imagine tens of thousands of insurance applications and claims being filed every day, the resource needed to support these transactions is paramount.
With the emergence of disruptive technology such as Blockchain, the Internet of Things (IoT) and Artificial Intelligence (AI), insurance can be processed in real-time. This is a quantum leap in terms of capability of Insurance + Technology (Insurtech).
In Blockchain, the mass utilization and adoption of the technology is being fast tracked by consortiums such as B3i and R3. By developing large-scale platforms on Blockchain for insurance, the democratization of Blockchain has been given a foundational platform to work on. With the history of tech adoption rates, popular support in terms of technical support drives awareness. When a tech platform is gaining awareness, the adoption rate is getting a boost.
Out of the processes in Insurance that is gaining a Blockchain advantage, the sector of claims assessment and assessment of underwriting is a focus. The aim is to lessen or eliminate the cumbersome paperwork.
Besides looking at the process of insurance a target of automation and optimization as a part of Blockchain’s goals, the raw information that transforms into data is also a critical focus. Insurance is based on data that is declared, processed, stored and processed again at the time of a claim.
Right now, insurance data is fragmented due to several information being stored in the mediums of paper, table sheets or encoded into the insurance information system. Any time information holds an exact duplicate, the risk associated with information keeping such as information lost, breaches or redundancy are given a higher rate of probability.
Under Blockchain, a digital only policy is being reared to solve fragmentation of information and foster standardization of insurance records on the digital imprint. The structure for Blockchain’s insurance information keeping is based on the digital ledger technology where imprinted information is kept secured and can be processed with an increased rate of efficiency.
Blockchain features a set of records that are chained together as a block. This allows for streamlined information processing without the need for serial verifiers and information gatekeepers. Despite its potential, Blockchain is a platform for information processing and will have to depend on other platforms of technology to enable automation when it comes to data entry or the process of information intake.
For example, medical insurance coverage. It ties in with a patient’s medical pre-existing condition in which the insurance guarantees medical benefits. In utilizing technology such as IoT enabled medical devices, the data gathered by the device can be gathered and processed into the Blockchain enabled information stream.
When pre-existing conditions are met, medical insurance policies are enacted. This holds true in the dependence of Blockchain medical insurance with IoT devices.
When it comes to performance optimization of the process that was overhauled by Blockchain, Analytics is a convergent technology that can be streamlined with Blockchain. It will offer a platform that can measure up performance and its variable. It is a continuous process that can be made more efficient as we intake more data and derive insight.
DynaQuest is a specialized BPO and Blockchain support company that is invested in the utilization of Blockchain to provide customized managed insurance IT services. We help insurance companies manage their transition and maintenance of Blockchain.
DynaQuest Technology Services
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Uptown Bonifacio 1630 Taguig City
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+63 2 403 1495