How blockchain and smart contracts will disrupt insurance claims

Among other financial sectors, the insurance sector remains orthodox. Insurance companies have been slow when it comes to indulging the technology in daily business routines. Blockchain technology can perfectly benefit the insurance industry by enhancing the efficiency, improving the customer experience, reducing costs, and reforming data collection, quality and analysis. According to Bramblet (Managing Director, North America P&C Insurance and Digital Leader), in the current time, 46% of insurance companies are anticipated to implement blockchain technology in their systems. In addition, 84% of insurance companies have pinpointed blockchain and smart contracts as a revolutionary technology aiming at improving their approach when engaging with new users. Blockchain technology could be implemented in the insurance sector to improve two aspects. The first aspect is to enhance insurance processes as salaries, paying expenses, premiums and claims. The second aspect is through supporting new insurance practices. This involves operating insurance activities through smart contracts and decentralized applications. Blockchain in the insurance sector is another evolution which is capable of expanding the insurance capacity to the growing infrastructure. In this Episode, we discussed with Chaim Finizola on How blockchain and smart contracts will disrupt insurance claims. Chaim Finizola, who is the ClaimShare director at IntellectEU and he has been involved in multiple enterprise blockchain projects in the capital market, banking, and insurance space. In 2020 Chaim and his team won the global Insurtech challenge by R3 and B3i with the ClaimShare fraud detection platform. Whats ClaimShare? - ClaimShare: ClaimShare is the first platform that allows the detection and prevention of double-dipping fraud in the insurance industry. About IntellectEU: IntellectEU is an international technology company focused on digital finance and emerging technologies. Since 2006 we have been focused on financial messaging and integration, being a SWIFT service partner. Building on our rich experience in financial services and technology, we founded our DLT and blockchain tribe in 2014. Always pioneering to serve our clients best, we became a founding member of Linux Foundation's Hyperledger in 2016. Today, we are working with all leading blockchain providers (R3 Corda, DAML, Hyperledger, VMWare) in the banking, insurance, capital markets, and telco space. Apart from Blockchain and DLT, we're also venturing into Artificial Intelligence and Quantum computing by educating our clients and building products with them.