In the digital age, technology is at the core of all aspects of business and personal experience. The insurance industry is no exception, and insurance companies are looking to technology to enable new ways of working in the marketplace.
Blockchain is perfectly suited to help transform the insurance industry. It provides a single, unified platform of transactional information that is transparent to all the participants. With smart contracts — automated and secure workflows between parties that don’t require a central specific coordinator — insurance companies can automate their policy services, reducing their administration and claim processing costs and increasing transparency in the system through fraud detection.
In our new code pattern, Build a blockchain insurance app, you’ll develop a blockchain network with insurance providers using smart contracts for providing insurance policies and processing claims. You’ll include shop, repair shop, and police organizations that respectively sell the insurance policies to consumers, fulfill the repair orders for processed claims, and validate the consumer claims for the theft.
Blockchain can lower operational costs by reducing the number of redundant processes while automating others. The secure, decentralized, and verifiable transactions within the network will help provide transparency by identifying fraudulent duplicate claims. With permission blockchain networks, users will be aware of their counterparts, reducing counter-party risks and making the claim process hassle-free for both the insurer and the insured. Last, but certainly not least for developers, you’ll find that blockchain offers an easy approach to implementing complex applications.
Disruption can be a positive thing. Be a disruptive force for the insurance industry — complete the Build a blockchain insurance app code pattern today!