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Blockchain technology in insurance industry

Blockchain technology in insurance industry

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With blockchain technology, insurance companies can create smart contracts to customers to quickly verify their claims processes.

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What is Blockchain
Blockchain has the potential to create an environment of trust for insurers by providing a network with controlled access and a way to share. Ans. Blockchain technology collects and stores data more securely for the insurance industry. The use of blockchain in insurance can also lead. Blockchain has the ability to help automate claims functions by verifying coverage between companies and reinsurers. It will also automate payments between.

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Currently the process is highly manpower intensive and can be quickly automated in real-time by integrating the tri-party system through Smart Contract execution on Blockchain. In this case,reassures reinsurers that the information provided existed at that point in time since the Blockchain provides an immutable record of claims and time-stamp when the claims are made. Despite being a long-time insurance presence, Nationwide Insurance is committed to innovation in the industry by using blockchain technology.