Financial Services: Blockchain in Insurance Market Research Report
"The
Latest Research Report Blockchain in Insurance provides information
on pricing, market analysis, shares, forecast, and company profiles
for key industry participants. - MarketResearchReports.biz"
About
Blockchain in Insurance Market
Timetrics
Insight Report: Blockchain in Insurance analyses how this potentially
revolutionary technology is affecting the global insurance industry
now, and how it could shape the industry in the future.
Blockchain
is the core technology behind the bitcoin cryptocurrency. It is a
digital ledger in which transactions are verified and recorded
chronologically and publicly. It stores static records and dynamic
transaction data without the need for central coordination, while
constantly checking the validity of each transaction. A user has to
be verified to be allowed into the database, and is then trusted
completely once given access. Furthermore, the system is immutable by
design, meaning that once a function or record is set, it cannot be
undone or changed, vastly reducing the capacity for it to be tampered
with.
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It
is essentially an intermediary with the automated ability to transact
value via data, currency, records and digital assets. It is
hard-coded by design, and has a smart contracts function that can be
completely trusted to execute the encrypted instructions; if event a
specified event occurs, for example, the system will pay a certain
amount to a specific party.
Summary
Timetrics
Insight Report: Blockchain in Insurance covers the following areas:
It
explains how this potentially revolutionary technology is affecting
the global insurance industry now, and how it could shape the
industry in the future.
It
gives an overview of how the technology works, and then explains how
it can be used to change the way insurers operate. Applied to
insurance this could enable insurers to significantly reduce the cost
of their claims management operations.
It
evaluates the challenges and difficulties faced by insurers that
could hamper their ability and enthusiasm to harness the benefits of
blockchain technology to maximise profitability.
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Scope
This
report provides how blockchain technology works.
It
analyzes its impact on insurance relative to other industries .
It
provides specific explanations of how blockchain could change the way
insurers operate.
It
offers an analysis of how regulators are likely to respond to the
rise of blockchain.
Reasons
To Buy
Build
understanding blockchain technology and its applications to
insurance.
Find
out which insurers are most advanced in utilizing blockchain.
Assees
hurdles that insurers face in incorporating blockchain into their
operational structures, and the different approaches they are likely
to take.
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Key
Highlights
Blockchain
technology has the ability to simplify and reduce the cost of
insurers' claims-verification and management processes.
An
example would be blockchain facilitating the implementation of smart
contracts, which pay out based on evidence submitted with the
requirement for human intervention or approval. For example in the
event of a car crash, where the policyholder could take a picture of
the damage they received to their vehicle and upload it to the
insurers app. This would then be used as proof of the incident and
stored on the blockchain, after which the smart contract would
receive an instruction to pay out a sum to the policyholder.
Although
insurers have started to invest in digital and blockchain labs they
are still behind their counterparts in banking, where more investment
is being made into harnessing blockchain technology.
Lack
of historical data is proving a very large problem for underwriters,
who are having to base pricing on much lower quantities of hard data
than would be the case for other commercial liability lines.
Table
of Contents
1
EXECUTIVE SUMMARY
2
INDUSTRY OVERVIEW
2.1
How the Technology Works
2.2
Bitcoin
2.3
Impact So Far
2.4
Relation to Insurance
2.5
Potential Areas of Impact
2.6
Regulation
3
CHALLENGES
4
ABOUT TIMETRIC
4.1
Contact Timetric
4.2
About Timetric
4.3
Timetrics and Global Data Services
4.4
Disclaimer
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