The blockchain technology has now entered the insurance sector, making it possible for the insurance companies to offer policies to suit the customers' needs.
The use of blockchain technology in insurance sector is something relatively new. London, the fintech destination of Europe is the first one to explore the potential uses of distributed technology in the insurance industry. The Capital of England already has a couple of companies who have already implemented it into their offerings.
The blockchain is known for its transparency, security, immutability and reliability. All the properties that make a lot of sense to be implemented in the insurance sector. While issuing an insurance is not a big problem for the insurance companies, it is when the claims arise, that they have to make sure everything is in order before paying the insured, the amount they are owed.
In a recent report, Blem, the company that creates software solutions for the insurance industry has recently launched a product that makes use of the blockchain technology.to maintain a record of all the claims. The distributed ledger will allow insurers and reinsurers to keep track of the claims as well as their obligations towards settling those claims.
While the blockchain based record keeping is of great help to the insurers, it also comes as a relief to the customers, who can now be assured that the insurance company will not be able to modify the records related to insured sum, claims, and settlements. Whenever a record is stored on the blockchain, it is timestamped and the immutable feature of the distributed ledger prevents the records from being modified by anyone. Even if someone makes changes to it, the time of such modification will be recorded as well, along with identifying details for the cryptographic key used to access and modify the records.
Continue Reading : http://www.newsbtc.com/2016/05/17/it-is-time-for-the-english-insurance-sector-to-adopt-blockchain-tech
here is an old forum post about how bitshares could insure almost anything.
https://bitsharestalk.org/index.php/topic,3387.msg42567.html#msg42567
Do you think this sounds like a good opportunity to jump on for bitshares or not?
let me know in the comments below
I couldn't agree more with you. Living in Australia it would be a fantastic step forward here too. And you could say that about many western countries at this time. I fear however like most "new" tech Insurance companies will be late adopters of the tech. Although companies often what to provide the best cover and service they can to their customers, they often are quite stuck in their own ways.
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