Tag: blockchain

The Future of Insurance – Personalized Policies and Instant Claim Approvals

Nordstrom
future of insurance - Personalized Policies and Instant Claim Approvals

Is There Such a Thing as Instant Claim Approvals? Could This Ever Happen? The concept of instant claim approvals might sound like a dream to anyone who’s had to wait weeks—or even months—for their insurance claim to be processed. But as technology continues to progress, the idea of instant claims is no longer pure fiction. Thanks to advancements in artificial intelligence (AI), machine learning (ML), and data analytics, the insurance industry is inching closer to making this a reality. Could we reach a point where claims are approved in seconds?…

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Gen Z’s Truth About Lying: A Tech Revolution in Insurance

G. Turner
Gen Z - Masks

In an unexpected twist, the high rate of insurance application falsifications by Gen Z has become a catalyst for technological advancements within the insurance industry. NerdWallet’s 2024 Insurance Dishonesty Report reveals that 42 percent of Gen Z-ers have admitted to lying on insurance applications to secure better rates. This trend, while initially alarming, is driving significant innovation in how insurers handle data and assess risk. Generational and Gender Perspectives on Insurance Dishonesty Emerging trends highlight a generational and gender divide in attitudes towards insurance dishonesty. Men are generally more inclined…

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Insurance and Technology: The Rise of Insurtech

Guest Author
insurtech insurance technology

The insurance industry, traditionally viewed as conservative and slow to adapt to change, is undergoing a dramatic transformation thanks to technology. This fusion of insurance with technology, known as ‘Insurtech’, is reshaping the landscape of insurance offerings, customer service, and business models. The Evolution of Insurtech Insurtech began as a response to the digital revolution that has swept across other sectors. Today, it represents a broad range of applications: from artificial intelligence and machine learning for underwriting and fraud detection, to blockchain for secure and transparent transactions, and the Internet…

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Distributed ledger technology apps and blockchain could offer insurance industry savings

Logan B.
Distributed ledger technology - Blockchain technology

A recent study showed that this approach could save the industry millions of dollars per year. New research examined the way a consortium-based blockchain approach using distributed ledger technology (D.L.T.) applications could save the insurance industry millions every year. The analysis was conducted by the Institutes RiskStream Collaborative. The Institutes RiskStream Collaborative analysis examined the way taking a consortium-based approach to blockchain and distributed ledger technology could help two events in common within the property and casualty insurance sector. Those events are: first notice of loss following an incident and…

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Alibaba and Tencent’s insurer rolls out blockchain health insurance technology

Logan B.
Blockchain health insurance - Technology - Health Logo

The new infrastructure tech is already being used with 100 hospitals in China. ZhongAn, a massive insurer in China, recently started using blockchain health insurance technology in a partnership with 100 hospitals. The insurance company is a massive one, providing infrastructure to 10 local providers. The importance of this technology in the Chinese and global insurance sectors The insurance industry, the health care industry and technology are deeply intertwined among each other. They are now dependent on each other as well. Now, Alibaba and Tencent’s insurer has entered into one…

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Blockchain insurance technology goes live through EY’s Maritime

Marc
Blockchian Insurance Technology - Cryptocurrency - Ocean

A new pilot is underway to use the tech most often associated with cryptocurrencies for new uses. A number of companies are working together on a blockchain insurance technology pilot program. The idea is to trial the platform for the global shipping industry. The tech has now gone live and has started being used for commercial purposes through the pilot. The new blockchain insurance technology platform is called “Insurwave.” The Earnst & Young professional services firm worked with the Guardtime software company on this project. The platform was created using…

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IBM and ANZ combine efforts to develop insurance blockchain solution

Marc
Insurance Blockchain Solution - cryptocurrency

The Australia and New Zealand Banking Group intends to improve insurance industry efficiency. IBM has teamed up with the Australia and New Zealand Banking Group (ANZ) to create an insurance blockchain solution. Its purpose is to enhance insurance industry efficiency levels. Also involved in this partnership is Suncorp New Zealand, a financial services firm. The insurance blockchain solution is meant to make it possible for premium payments and data to transfer more easily between insurers and brokers. This could result in a more transparent and much faster process overall. The…

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