Blockchain adoption might need been slow to infiltrate the insurance industry, however now insurers are beginning to realise a few of the advantages from the distributed ledger know-how. Blockchain has the potential to remodel a number of processes concerned in insurance coverage, from streamlining claims and bettering timing to enabling higher transparency in contracts and securing information.
The core benefit of blockchain is that it builds trust between parties sharing information. The information shared is encrypted as an electronic list of records or blocks. It cannot be erased, which helps to ensure trust between users. Once information is recorded, it cannot be changed without changing all of the records, which also provides for secure transactions between users. We’ve observed how this would be valuable to the life insurance industry, as it helps to ensure information is accurate, secure and trusted.