Unlock the potential of blockchain technology in insurance by transforming your key processes
Obstacles facing the insurance sector
Transform the way your company offers transparency and creates business opportunities by addressing major industry challenges with SmartBlocks, a top-tier specialist in developing blockchain solutions for insurance.
Insurance firms and entities encounter various difficulties, including:
- Manual management of claims
- Complex risk coverage
- Limited accuracy in underwriting
- Disconnected sources of data
- Inefficient communication of information
- Industry susceptible to fraud
- Difficult liability assessments for reinsurance
- Overabundance of intermediaries
What makes blockchain an ideal solution for insurance claims?
Blockchain and insurance: applications
SmartBlocks sees significant potential for custom blockchain development in the insurance industry, despite some legal and regulatory challenges. Here are the nine areas where blockchain can offer major opportunities for the industry.
Reinsurance
SmartBlocks blockchain application provides accurate reserve calculations based on current contracts, informing insurers about financial details and ensuring that they are rebalancing their exposures against specific risks.
Value chain
SmartBlocks technology provides secure and easy asset tracking, delivering significant benefits for insurance companies, including easy tracking and proof of ownership and value on assets such as artworks, jewelry, ...etc
Smart contracts
SmartBlocks blockchain application for insurance connects real-time information from multiple systems and activities triggered by events such as flight delays, emergencies, and health or financial developments, giving customers faster, more accurate claims processing, payments, and reimbursements.
Property and casualty insurance
Digital management, tracking, and insurance of physical assets are transformed with SmartBlocks technology, providing enhanced customer experiences to real estate clients.
New distribution and payment business models
SmartBlocks technology reduces asset management costs, decreasing hedging fees and boosting capital efficiencies through automation and increasing mobile wallets.
Internet of Things (IoT) and product development
With SmartBlocks, insurance companies can access data from connected devices and objects, fueling diverse use cases, including development of actuarial models and new products such as usage-based insurance.
Health insurance
In a blockchain-powered environment, all parties in the health insurance industry can store, update, and share medical records instantly and securely. This accelerates interoperability, leads to new types of interactive policies, and launches innovative value-rich services.
Claims processing
Blockchain technology allows insurance companies to access complete and up-to-date information, from claims forms to police reports, enhancing risk management, accelerating claims processing, and improving data accuracy.
Fraud prevention and detection
With SmartBlocks blockchain technology, the insurance industry can eliminate manual errors and detect fraudulent activity easily. It permits easy verification of KYC data, policy and claim authenticity, and access to immutable records.
How you can benefit from blockchain in the insurance industry
SmartBlocks provides extensive knowledge in both blockchain and insurance, offering guidance to clients on leveraging this technology to transform their sector.
- Cut costs with automated claim and data verification
- Increase speed and efficiency through smart contracts
- Reduce fraud with improved traceability
Other Blockchain Solutions
Why work with us
Extensive expertise
You’ll get access to the expertise both of our own blockchain products and of successfully implemented custom solutions
HIGHLY-SKILLED DEV TEAM
All our tech solutions are built by the in-house cross-functional team. The strongest blockchain specialists on the market will be working on your project
CUTTING-EDGE SOLUTIONS
The SmartBlocks team is pioneering the frontiers of blockchain tech and employing it to drive your company’s success.
PROFOUND R&D
SmartBlocks' outstanding R&D department deeply researches unique ways of improving your products and services, so we can implement them together.