Blockchain in p&c insurance

While blockchain technology is still in its infancy, there are already a number of promising use-cases and applications for it in the insurance industry. Giant insurance players like Allianz and Swiss Re, as well as newer blockchain entrants in the space are leveraging solutions. Despite the rise of online brokers, many consumers still call insurance brokers by phone to purchase new policies. Policies themselves are often processed on paper contracts, which means claims and payments are error-prone and often require human supervision.

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Content:

• Blockchain in Insurance
• State Farm, USAA complete blockchain platform for subrogation
• Will Blockchain be the Future for Insurance Business?
• Embracing Innovation and Growth Opportunities in P&C Insurance
• Blockchain consortium B3i raises $16m
• Blockchain Smart Contracts in Insurance | Advantages and Applications
• Contact us
• Blockchain in Insurance: Use Cases and the Way Forward
• RiskStream (RiskBlock) signs Prudential, John Hancock for life insurance blockchain
• Navigation

WATCH RELATED VIDEO: Blockchain in Insurance for Streamlining Claims \u0026 Settlements - Blockchain Firm

Blockchain in Insurance

Download Fact Sheet. The all-new openIDL open Insurance Data Link is the first blockchain platform that enables the efficient, secure and permissioned-based collection and sharing of statistical data. The openIDL is an open blockchain network that streamlines regulatory reporting and provides new insights for insurers, while enhancing timeliness, accuracy, and value for regulators. The openIDL streamlines the burdensome statistical reporting process that provides little value to insurance carriers and insufficient information for insurance regulators.

It offers carriers a secure and reliable blockchain environment for the storage and selective sharing of statistical data policy, premium, claims and loss experience data with AAIS as an authorized statistical agent and advisory organization. The Model Law also defined methods for insurers to follow in reporting data and established statistical agents, like AAIS, to collect data and report statistics to insurance commissioners.

Since the Model Law was enacted 70 years ago, much has changed. Insurers have moved from paper-based forms and a scarcity of data to automated computer-based systems that collect and integrate a growing abundance— and redundance — of data from stakeholders across the industry and policy lifecycle.

Analytics and risk models are commonplace, as new and challenging risks emerge often and more quickly. Advances in technology and change in social norms require new insurance products and services… and speed to market is critical to success. As a member-focused advisory organization and authorized statistical agent, AAIS recognized the potential for emerging technologies to improve the way insurance industry data is collected, managed and reported to regulators.

Over the past 5 years, AAIS invested in a modern infrastructure to support current and future needs of AAIS, its member insurance carriers and regulators. AAIS also established special arrangements with Associate and Alliance Partners so AAIS Members may gain unique access to an array of products and service providers that complement AAIS advisory solutions, including data, underwriting and marketing capabilities, modern technology products and integrated services.

Now, AAIS has partnered with IBM to develop a whole new way for stat reporting to be more efficient, effective and valuable, leveraging blockchain technology. The result is the openIDL The openIDL is the first secure, open blockchain platform that enables the efficient and permissioned-based collection of statistical data on behalf of insurance carriers, regulators and other participating contributors. The openIDL blockchain streamlines the time-consuming and expensive regulatory and compliance requirements carriers experience today, to create operational efficiency, flexibility, interoperability and product development opportunities.

The openIDL supports statistical reporting for current and future data calls from regulators, often around emerging or regional exposures or specific events. With access to timely and accurate information, regulators and reporting carriers receive more holistic and dynamic reporting, as well as valuable and relevant insights into exposures and market trends. Once reports are complete, regulators review and publish the report to the openIDL.

While contributing statistical data to the openIDL Distributed Ledger satisfies regulatory requirements, data remains private and protected from external parties and other openIDL participants.

Participating carriers will also see their own data profile to understand how their data compares to the rest of the reporting market. AAIS is the only national, not-for-profit insurance advisory organization and authorized statistical agent. AAIS continues to operate under the NAIC Property and Casualty Model Rating Law, maintaining its impartiality and sole commitment to the success and advancement of its members, insurance regulators and the industry as a whole.

With its unique position in the industry, AAIS serves as openIDL administrator, providing unbiased governance for the blockchain platform within existing legal and regulatory frameworks. IBM is recognized as the leading enterprise blockchain provider, working with hundreds of clients across financial services, supply chain, government, retail, media and healthcare to implement blockchain applications, and operates a number of networks running live and in production.

Hyperledger is an open source collaborative effort created to advance cross- industry blockchain technologies hosted by the Linux Foundation. Hyperledger provides the groundwork to scale openIDL for insurance industry-wide access. As an open blockchain, the openIDL will enable access to new insights from shared experience and input for the development of new products and services and market response and resiliency—not to monetize statistical data.

The openIDL will expand with new features and capabilities to support a broad array of use cases by carriers and a growing network of industry partners.

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State Farm, USAA complete blockchain platform for subrogation

In this whitepaper, we explore how conversational AI can create a better customer experience, improve agent productivity, reduce contact center traffic, and more. Many blockchain insurance projects are lingering at the proof of concept stage, but three trailblazing applications are emerging. Insurance, being one of the most conservative, centralized and walled industries, is awakening from its slumber and probing new technologies. Driven by both curiosity and fear, insurance companies seek to hire blockchain developers to help them out. Curiosity comes from blockchain promising to save time and lower transactional costs. At the same time, insurers fear this innovation as it can open up new approaches for cyber-attacks. The blockchain technology is based on the distributed ledger principle that eliminates the need for intermediaries.

Will Blockchain be the Future for Insurance Business?

As cryptocurrency markets mature, they are attracting players from other industries. The insurance industry is one of them. The cryptocurrency business, which mostly consists of startups and exchanges, may not be big enough to provide substantial revenues for the insurance industry yet. These coins are held in hot storage or are connected to the Internet. The rest are disconnected from the internet and not much is known about their insurance status. Insurance for cryptocurrencies becomes important when you consider the instability of the cryptocurrency ecosystem. The skyrocketing valuation of bitcoin and other cryptocurrencies has resulted in massive thefts of online wallets and exchanges. The cumulative result of these hacks is a vulnerable ecosystem that the mainstream finance ecosystem either ignores or refuses to take seriously.

Embracing Innovation and Growth Opportunities in P&C Insurance

Hyperledger Member companies are hiring. Fires, floods, earthquakes, hurricanes…and pandemics: Any of these can devastate property and trigger insurance claims. Every time a natural catastrophe strikes, state regulators quickly ask insurance carriers to send them data about the affected properties. This data helps regulators model risk, monitor market activity, protect consumers, and plan for future emergencies.

Blockchain consortium B3i raises $16m

This will navigate you to Accenture. Accenture is a pioneer of blockchain innovation and its practical, real-world application for insurers. Blockchain promises to reshape the processes that govern insurance, boosting efficiency and productivity. The insurance industry depends on manual processes to compensate for a lack of trust between parties. Blockchain automatically embeds trust into insurance transactions and contracts. We have developed blockchain solutions for leading financial services organizations, focusing on the development of distributed-ledger technologies, thought leadership and patents, the co-innovation of proofs of concept, and the creation of partner ecosystems within and beyond the insurance industry.

Blockchain Smart Contracts in Insurance | Advantages and Applications

The insurance industry is one of the key influencers within the global economy. Various entities, including businesses, citizens, healthcare organizations, and governments, require a variety of insurance services. However, the current insurance system is full of challenges due to the substantial size of the market and the involvement of multiple intermediaries. It lacks coordination and interoperability of data between parties and stakeholders. Here, smart contract development can prove to be more convenient and efficient than drafting inconvenient paper agreements. A smart contract is a digital self-executing business contract that runs on a blockchain. Essentially, it automates the execution of transactions upon the fulfillment of pre-defined business terms by two or more parties. Smart contract developers write them into lines of code on a blockchain platform like Ethereum for their self-execution with efficiency and security.

Contact us

A few days ago I asked how blockchain technology can help reduce the cost for insurance settlment and other overhead costs. How much are the settlement costs? The answer, how blockchain disrupts the Insurance Industry, might suprise and surpass your wildest expectations.

Blockchain in Insurance: Use Cases and the Way Forward

August 9, by Canadian Underwriter Staff. However, new insurance processes and business models built on blockchain could affect areas as diverse as information exchange, underwriting accuracy, fraud, complex liability assessments for reinsurance, and manual claims review and processing. Within underwriting, blockchain technology can help reduce costs, improve risk assessment and enhance client onboarding — all of which can lead to improved risk profiling, efficient information exchange and automation through smart policies. Similarly, the technology can fundamentally alter the claims processes, leading to simplified or automated submission, reduced losses from fraud, automated compliance and improved customer experience with no manual inspection.

RiskStream (RiskBlock) signs Prudential, John Hancock for life insurance blockchain

Blockchain in insurance will grow by over 10X times between and Leading global carriers, including America's second-largest health insurance company and the Chineses Ping An, are some of them who are leading from the front. So, what are the use cases of blockchain across the insurance value chain? We explore two potential areas of application. Distributed ledger technology, better known as the blockchain, first shot into prominence with Bitcoin — a cryptocurrency that promised secure and transparent financial transactions.

Navigation

Blockchain continues to be a hot topic in the business world and news. Many people have heard of blockchain but may not be familiar with what it actually is. As a basic definition, blockchain is a data structure that enables the creation of a digital ledger of transactions and the ability to share them among a distributed network of computers. The core benefit of blockchain is that it builds trust between parties sharing information.