According to the Coalition Against Insurance Fraud, insurance fraud costs Americans $80 billion in losses each year.
Ensures that commitment to a single service provider is no longer necessary, improving the client experience. Customers are seeking for businesses with reduced costs.
Building trust between diverse entities is one of the key advantages of adopting blockchain in insurance.
Because the Blockchain functions in accordance with the conditions of the smart contracts, the whole insurance claim procedure goes without a hitch.
It helps collect and store valuable information insurance companies benefit from data.
Blockchain technology can collect a tonne of data that can be applied to the Internet of Things and artificial intelligence (AI) (IoT).
With such significant benefits, the insurance sector is eager to utilise cutting-edge technology to promote development and transformation.