Blockchain benefit in insurance

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 Blockchain saves money. Claims, administration, underwriting, and product development can all be affected by blockchain, and many current use cases focus on cost reduction. Insurers may use blockchain to automate claim payments. Blockchain can automate claims by validating company and reinsurer coverage. It will also automate payments between parties for claims and so minimise administrative expenses for insurance firms. Gartner predicts blockchain will produce $3.1 trillion by 2030. 4 New life insurance applications might be filed via blockchain in the future.
Blockchain might also be used to transmit digital proof for underwriting, such as EHRs (EHR). When digital evidence is simpler to use in underwriting, pricing and product development will alter. IoT and AI will automate insurance processes, changing the future of our industry. These are emerging technologies that need due scrutiny before the insurance sector completely adopts them.

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