Our current insurance industry faces a myriad of challenges such as contrasting sources of data and manual contract placement. Furthermore, to claims process is also complicated. Traditional billing processes lead to high reconciliation costs and there is the obscurity of loss conditions. Blockchain is the key to solve these
issues facing insurers creating an insurance ecosystem whereby processes are
streamlined with lower cost. Another critical issue which most insurance firms
face is the issue of claims – there are many conflicts arising out of disputed
falsified claims and supposedly “uninformed” clients.
1. Identify types of blockchains and their specific use cases in
2. Explain the benefits and downsides of blockchain technology
3. Discuss potential cost-effectiveness by incorporating blockchain