The insurance industry is sharply transforming technology, but one technology is trying to prove more crucial than any other. The number of insurance blockchain applications is growing every day, and it is clear that each major player in the space will use them in some way within the next few years. This creates huge opportunities for both fintechs and smaller insurance companies ready to embrace the change.
The power of blockchain resides in cutting out the middleman for insurance, as with most industries. With so many personal data at great risk, countless checks and rechecks are currently blocking the insurance industry. When all this information is on a blockchain, it is possible to dispense with virtually all these checks. Information is trusted and can seep from one party to the other direction. The time and money investments are astronomical, and that's what the industry is transforming.
Because of distributed ledger's inherent security, new customers can be quoted and boarded faster than ever before. By fully integrating blockchain into the industry, prospective users will be able to unlock sole rights to their own medical history so that a carrier can automatically generate a quote. There will be no longer a lengthy process of collecting documents from different doctors and medical professionals. Everything is going to be confident and secure in the cloud. It sounds that somewhat ambitious is the whole idea of integrating blockchain into insurance. Given the time it takes for insurers to warm up to the insurrection idea and the value they can add to it by digitizing and automating restrictive processes and unlocking new possibilities, the idea of integrating blockchain could be a big question.
The hype around blockchain indicates a deep interest in a technology that could change the way insurance works fundamentally. The waters are being tested by start-ups and established companies alike and could announce any day a game-changing development. Strongly advise that all industry players keep this technology watchful and open-minded, as blockchain's future is just beginning to be recorded.