In today’s world, basically, every one of us knows the importance of getting insurance — it’s a no-brainer. And of course, we’re very much aware of how blockchain technology is transforming many different industries. Speaking of which, this revolutionary technology has disrupted everything from healthcare to gaming to real estate and more. And of course, it’s already looking to make its mark on the multi-trillion dollar insurance industry. Of course, with blockchain’s potential for security and accountability, one can tell that it can solve most if not all of the problems faced by the insurance sector.
Speaking of problems, it’s important to note that insurance companies lose huge amounts of money to fraud every year. Essentially, the biggest problem faced by these companies is that they rely on physical processes to validate data and combat fraud. And unfortunately, fraudsters have a way of manipulating claim information (ownership, authenticity and more) to their advantage.
But hey, there’s good news — the immutable nature of blockchain transactions and transparency of transaction records can help curtail the issue of fraud. What’s more, blockchain smart contracts boast the potential to automate and of course, cut down the cost of processing insurance claims and the likes.
With this in mind, here are 4 exciting companies/projects that are set to transform the future of insurance.
Taking the first place is this groundbreaking blockchain-based platform, Etherisc. Coming with the aim to provide highly targeted insurance solutions, Etherisc is one project that holds a lot of promises for the industry. It looks to get rid of inefficiency and of course, increase efficiency with the help of smart contracts. Speaking of which, the platform uses smart contract to enable end-to-end payment while improving efficiency and automation. It’s also good to point out that this technique facilitates efficient risk model estimation coupled with a semi-automated claim processing system that cuts down operational costs. So of course, with smart contracts, both providers and consumers can look forward to enjoying lower costs on insurance solutions that would otherwise be inaccessible.
It’s also worth noting that Etherisc boasts a fully functional flight delay insurance model as well as a social insurance model that works to provide efficient protection against rare disastrous occurrences. That’s not all — the platform also offers other products including hurricane protection and crop insurance. Yes, it’s basically an all-in-one decentralized insurance solution that’s sure to transform the industry and of course, make insurance fair and accessible to all. Be sure to check it out today.
Next in line is VouchForMe — it’s famed to be the world’s first blockchain-based social proof insurance platform. Essentially, VouchForMe uses a peer-to-peer mechanism to connect people and of course, make it possible for them to reduce the cost of insurance premiums using social proof endorsements. That said, one can tell that VouchForMe’s goal is to improve both the segmentation and risk selection process when buying insurance. It gives clients the opportunity to endorse each other and increase their chances of getting a discount on their premium.
It’s also worth noting that the whole idea of building trust among peers will cause the social proof of a person to be locked into the blockchain. And of course, this will eventually provide for higher transparency and lower risks. What’s more, since VouchForMe is decentralized, it’ll be able to self-regulate on its own. In essence, it won’t have to rely on any industry-funded regulatory body whatsoever. All in all, VouchForMe is an innovative combination of conventional insurance and peer-to-peer endorsement on blockchain backed with social proof. A highly recommended decentralized (distributed) insurance platform that’s sure to catch on.
Looking for a decentralized insurance service that’s both transparent and user-directed? Well, just enter BITPARK. As with other platforms on our list, BITPARK aims to revolutionize the industry with the help of smart contract technology. First off, the P2P platform is going to provide users with services like contract fulfillment, user-directed screening, and billing process. It’s basically looking to create a decentralized insurance platform that’ll provide customers with the best services at the lowest possible cost.
It’s also good to point out that BITPARK uses MUJIN (a community wallet) to control/unify money management within the platform. What’s more, BITPARK will utilize two types of cryptocurrencies — one for pooling the cash together and the other for processing payments. Finally, the platform will make provision for lending services — a perk that’s sure to work great for users with a good track record within the community. Its support for collective management is also a huge plus!
Last but certainly not the least on our list is Aigang — a growing platform that’s looking to provide insurance for the IoT ecosystem. Aigang, for the most part, will use its token to automate the industry via the platform of the Internet of Things. It’s basically going to combine the information from a crowd of subject experts to forecast insurance risks and create corresponding insurance pools. Of course, with these predictions, the platform will be able to build algorithms that can price the premiums and forecast profits.
It’s also worth noting that Aigang will use smart contracts to facilitate better and effective connection to insurance policies. As you probably guessed, this process will remove third-party interference and increase overall transparency. Moving forward, you should have it in mind that this platform doesn’t make provision for long-term contracts. So of course, as a user, you’ll get to decide the price as well as the duration of your preferred policy. Finally, Aigang’s payout is super fast — a huge advantage that’s sure to come in handy in more ways than one. Overall, Aigang is a promising platform that could solve problems associated with insurance claims and more. Highly recommended.
And that’s it! These are some of the best blockchain-based insurance platforms that are already gearing up to revolutionize the today’s insurance industry. With all that has been said, we can tell that blockchain technology clearly has something big in store for the industry and market as a whole. Don’t hesitate to check out these platforms to learn more and of course, keep your eyes peeled for the massive revolution.