Blockchain technology opens up new ways of carrying out financial transactions, improves existing insurance processes and keeps track of (digital) documents.
Many of the applications blockchain can offer for insurance firms can be grouped together into the category of Smart Contracts.
Thanks to the encryption process, the blocks already in the chain cannot be altered, so the data saved on it is secure, certain and tamper-proof.
A Smart Contract registers all the terms and conditions in an explicit and detailed manner and does not require a central entity to verify their adequacy and validity: as it is an entirely digital solution, it also eliminates execution times, checks, paper, back-office, operational risks and significantly reduces the risk of fraudulent claims and administrative costs for the insurer.
Lastly, Smart Contracts generate absolute trust in their execution, which is at the basis of companies’ relationship with their clients.
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