Insurance industry is facing a lot of challenges as it relates to complex compliance issues, fraudulent claims activity, third party payment transactions, and managing huge amounts of data. Transformation of the insurance industry is dependent on data, and blockchain is enabling most data-related transactions for an insurer by ensuring validation from all the parties.
Blockchain has been offering solutions to a lot of problems faced by the insurers and the customers. It has enhanced efficiency, and also is playing a significant role in prevention of fraud as blockchain technology checks for authenticity of transactions, policies, and claims. Customers find insurance contracts to be too long and confusing and blockchain comes to the rescue here as well with its smart contracts. These smart contracts help in overseeing of claims transparently and responsively.
Adoption of blockchain by insurance industry offers enduring remunerations by helping with the efficient delivery of services and fulfillment of regulatory requirements. While these technologies provide help improve business flows, CIOs find it tedious to choose a right partner. To alleviate this burden, a distinguished panel consisting of CEOs, CIOs, CTOs, and the editorial team of Insurance CIO Outlook has evaluated hundreds of Blockchain solution providers and selected the most promising companies in this space.
We present you “Top 10 Blockchain Solution Providers -2019.”
