Continuous Compliance and Enforcement in the Insurance Industry

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The insurance industry is expected to undergo a blockchain transformation. It is believed that blockchain will be widely embraced by the insurance companies as a way to improve the efficiencies in the process. The blockchain technology will transform the insurance industry through better ways of data sharing and improved processes with built - in integrity ensuring a dramatic reduction in fraud; faster processing of claims because checking data integrity is not a manual process and better legal and regulatory compliance. The architecture of the Chainkit makes integration with existing systems and processes seamless, helping insurance companies radically transform themselves. Chainkit can help transform both the insurance application process and the claims process without the overhead or risk of a “DIY” blockchain implementation.

Examples:

  • When an applicant applies for insurance, Chainkit can help programmatically register the integrity of data submitted by the applicant. This helps in not only accelerating the application process but also helps insurance companies to use verified data to provide quotes to the customers

  • Chainkit can speed up claims processing by implementing data integrity registration from the moment the customer uploads pictures of an accident or any other document needed in the process. Automatically validating the claims data helps insurance companies cut down on fraudulent claims and accelerates the claims process for the customer. Using Chainkit helps in fraud detection and prevention

  • One of the biggest issues faced by insurance companies are legal challenges mounted in courts. With strong data integrity, insurance companies can dramatically cut down on legal costs to authenticate evidence

The advantage of blockchain in helping insurance companies maintain business growth through better efficiencies in fraud detection and customer satisfaction along with seamless support for governance and regulatory compliance makes Chainkit a component of the insurance industry toolbox.

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