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Posted by: | Posted on: November 25, 2020

How Blockchain is Inducing The Insurance Industry

Blockchains can make claims processing and payment more efficiently, secured, and ensure data accuracy. Blockchain technology can also bring more transparency, increase interoperability and provide better control of data. All providers can easily access and exchange information through a blockchain-based database.

Blockchain can help the insurance industry reduce some costs, especially the company's administrative costs and the costs associated with manual processing of claims and payments. You can check out solidity smart contract development company via online sources.

Infographic blockchain concept

Smart contracts can enable the execution of automatic and real-time claims and payments that provide more transparency and efficiency. It will also ensure that the provisions of the insurance policy are dedicated. Blockchain technology and intelligent contracts will not only reduce costs but also eliminate duplicate processing, reduce disputes, and improve risk management.

Here are some of the upcoming blockchain projects for the insurance industry:

Lumenlab is testing the Blockchain-based insurance platform for diabetic patients, according to Cryptocurrency news. Lumenlab is a digital innovation center based in Singapore and is a subsidiary of Metlife. The platform called 'Vitana' is an automatic insurance product for gestational diabetes patients and has been developed along with Swissre, conscious, and Vault Dragon.

Blockchain-based solutions are built to integrate electronic data Records Medicals (ESM) to allow automatic payments on the diagnosis of gestational diabetes. In the confirmation of diagnosis, smart contracts will send customer bank account details to insurance companies.