Blockchain is a digital record of all activity related to a product or service. This technology was originally designed for digital currency like bitcoin, and because of its effectiveness, found its way into other areas of the digital world. The beauty of blockchain is that it is shared and doesn’t sit in one database for hackers to access. It will bring significant efficiency gains, cost savings, transparency, faster payouts, and fraud mitigation while allowing for data to be shared in real-time between various parties in a trusted and traceable manner.
Insurance companies operate in a highly competitive environment in which both retail and corporate customers expect the best value for money and a superior online experience. Blockchain technology can enable new insurance practices to build better products and markets. It can bring positive change and growth in the insurance industry.