Decentralized Insurance: Transforming the Insurance Industry

  1. Speed. The process of filing a claim and finally receiving a payout takes weeks or months. Decentralized Insurance claims can be settled within minutes of an event via smart contracts.
  2. Transparency. The biggest issue faced by the traditional insurance industry is its power to withhold information from the public. As a result, policyholders often feel left in the dark when it comes to their policy information. With blockchain, the policyholders have enough freedom to access their data and the open-source code dictating the rules of the protocol.
  3. Affordability. Blockchain will reduce administration costs through automated verification of policyholders identity and contract validity. Smart contract technology enables end-to-end automation of payments, efficient risk model estimation, and semi-automated claims. Thus making the entire process affordable to its users.
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