Medici examines the potential blockchain can have on the insurance industry. According to the article, blockchain is the answer to various stress-points throughout the insurance value chain. Areas where blockchain applications are being developed include: claims management and verification, new product and platform development, and record keeping, according to the article.
The key benefits towards value chain for insurance include:
- Reduced costs related to commission, sales and operation
- Reduced cost of operations
- Reduced cost and increased speed of payments
- Reduced average claims cost
- Reduced admin cost and speed-up process for onboarding
- Reduce admin cost