How IoT, ML, AI and Blockchain Technology are Changing Insurance?
Changing technology affects everything from what we eat to how we pay for our meals. Have you ever considered how it is changing the insurance sector?
Blockchain has the ability to help automate claims functions by verifying coverage between companies and reinsurers. It will also automate payments between parties for claims and thus lower administrative costs for insurance companies.
Blockchain’s shared ledger technology can move fraud detection forward by consolidating claims data across insurers. By facilitating better data sharing, blockchain technology can save insurers the expense of paying for public and subscription data to prevent fraud.
A smart contract refers to an insurance contract or cover that pays out when certain, predefined conditions have been satisfied.