In 2009, when Bitcoin used the Blockchain as the core technology driving digital currency transactions, it was considered too futuristic and experimental. However, in less than a decade, while Bitcoin is already being hailed as the currency that everyone will eventually come to use, Blockchain itself has emerged as a preferred technology across industries. What started off as a tool essentially for recording online transactions is now going well beyond it. Blockchain is helping insurers in innovating products and services for further growth and expansion, increasing effectiveness in fraud detection, optimal pricing and reducing administrative cost.
Mobiliya’s blockchain solutions can be leveraged throughout the insurance value chain due. The solutions will enable clients to lower operational costs by reducing duplication of processes, reduced counterparty risks, increased process automation and secure and decentralized transactions.
Insurance companies can employ robo-advisors that can be on-call always to help customers
Solutions for automating processes related to handling of customer enquiries, updating contact information like phone numbers and addresses and generating customer IDs
Robo-advisors can help in reducing time taken to perform tasks by 80-90% which can be critical especially in areas like claim settlement or complaint resolution
Insurers can reduce claims processing time to less than 48 hours with the help of blockchain technology