What kind of sparks will the blockchain + insurance collide? With the popularity of the blockchain economy and the rise in global insurance costs, many industry leaders are aiming at blockchain insurance, and they are trying to eat the big cake of blockchain insurance. In the blockchain insurance project, how many can really solve the pain points of the insurance mechanism?
Insurance claims have always been a frustrating problem. One of the reasons is that the preparation of claims documents is too cumbersome. A medical insurance claim requires various proofs.
At the same time, insurance companies are also very helpless. They have to face various insurance fraudsters every day, and they are exhausted. According to FBI statistics, 5% to 10% of insurance cases in the United States belong to fraudulent insurance, and the annual amount exceeds 40 billion US dollars.
Pain points in the insurance industry:
Pain point 1, identity authentication: insurance companies have to contact a large number of c-end users, and the cost of knowing your customer KYC (know your customer) is high.
Pain point 2: Insurance data is easy to lose, and a single node is easy to control: Insurance companies have a large amount of customer data, including insurance policies, customers' private data, etc., and the security of their databases is very important. If the database is destroyed, the consequences are unimaginable.
Pain Point 3: Data Confidentiality: Insurance companies have a large amount of sensitive customer information, such as identity, medical health, etc., in the process of underwriting and claim settlement.
Pain point 4: High operating costs: The traditional insurance industry is driven by a series of human operations: from quotation to insurance application, from underwriting to compliance review, from order issuance to first-time loss notification, etc., every link requires Human involvement leads to high costs.
Pain point 5: Insurance companies face huge losses from fraudulent insurance.
However, what kind of sparks will insurance collide with the blockchain?
After the blockchain and insurance are combined, the blockchain, as a shared distributed ledger, can avoid the loss of a single point of collapse and effectively ensure the data security of the insurance company; in the process of claim settlement, the blockchain adopts symmetric encryption and Authorization system, all data is extracted from the chain, and sensitive information is no longer directly submitted to insurance companies, effectively protecting the leakage of customer sensitive information; the smart contract of the blockchain effectively guarantees that the accident person automatically obtains claims without applying for it Claims do not require insurance company approval.
Blockchain Insurance Project
InsurChain
InsurChain is positioned to provide commercial-grade blockchain infrastructure services in the insurance industry. On the one hand, it builds an enterprise-level blockchain basic platform, and on the other hand, it builds a highly scalable application business support system on it. The decentralized insurance blockchain innovation ecosystem currently does not have a description of the security of the blockchain.
Zeus Shield Coin
Aegis Token ZSC uses blockchain technology to apply trust management to insurance business, which enables them to build a new insurance ecosystem by providing smart insurance claims and precision marketing. The token developed based on the Ethereum ERC20 protocol makes it easy for the ZSC token to be listed on the world's important digital currency trading platforms after the ICO. -----ZSC tokens are used to build insurance capital pools and reinsurance capital pools to improve the capital flow cycle of insurance contracts and provide this service to insurance companies in need.
MediShares
MDS is the world's first blockchain mutual assurance contract market. Based on blockchain technology, it provides a platform for the creation and use of mutual assurance smart contracts, which effectively reduces the operating costs of security products and provides higher security of funds. While the mutual assurance market has been growing. But compared to the modern insurance market, the capacity is relatively small. The main products include serious illness protection contracts, risk sports enthusiasts protection contracts, luxury car owners protection contracts, anonymous disease protection contracts, weather disaster protection contracts, and virtual asset protection contracts.
CIChain
Cloud-insurance Chain (CIChain, Cloud-insurance Chain) is the first risk protection platform to protect the blockchain world, and an open source blockchain application platform based on Ethereum smart contracts. From wallet security to ICO risk protection, a wealth of innovative security products can also be customized, and each user can use the CIC token of the cloud insurance chain to complete the entire risk hedging process of insurance, underwriting and automated claims settlement. That is, everyone can become an "insurance company" and earn long-term and stable protection income. The cloud insurance chain guarantee smart contract realizes the automation of claims settlement, and at the same time de-intermediates the guarantee in the blockchain world, which greatly reduces the cost of trust and operation.
ShineChain
shinechain is to use blockchain technology to change the business model of the global Ping An and health protection industry, and to create a global blockchain Ping An, health and mutual assistance ecosystem. Safety and health protection in today's society is a rigid need for all mankind. In life insurance, death or high disability caused by an accident, as well as major diseases such as cancer are the top priorities in the protection. The digital asset SHE will serve as the basic circulation carrier of the entire ShineChain blockchain mutual protection ecosystem, enabling all transaction behaviors, value transfer and information transfer of the entire platform to be carried out synchronously and controlled by smart contracts.
One of the inevitable trends in the future development of blockchain + insurance, the spark project of the collision of blockchain insurance, who can dominate the future insurance industry, let us wait and see.