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Making Blockchain Technology In Life Insurance Work For You


wealthymattersBack in April 2018, when I read the press release from Cognizant about having teamed up with a consortium of fifteen Indian life insurers and developed a blockchain solution to facilitate cross-company data-sharing to help these life insurers reduce their reliance on data intermediaries and aggregators in obtaining customer and policy details for a wide range of critical purposes, such as know-your-customer due diligence, financial and medical underwriting, risk assessment, fraud detection, and regulatory compliance, I was FURIOUS.

Why?

You see, I am a long-standing customer of 2 of these 15 life insurance companies. One of them was the company I made my very first purchase from all those years ago, on the recommendation of a banker I trusted. And at that time I had in all honesty made full disclosure of all the information they sought in their proposal forms and the additional queries their underwriters had. However, I made the disclosures for the limited purpose of purchasing specific policies from these companies. And at a time that block-chain was nowhere in anybody’s mind space. Read more of this post

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Consumer Benefits Of Adopting Blockchain Technology In The Insurance Sector


Blockchain is a shared, distributed ledger with non-repudiation of transactions that can work in the absence of trust across a peer-to-peer network. Blockchain technology has the capacity to deliver wide-ranging benefits to humanity that are obfuscated by the charged debates on cryptocurrencies these days. Applied to insurance,blockchain technology opens the door to many positive developments for consumers,such as: Read more of this post

The Opportunity In Blockchains


wealthymattersMany years into the deployment of the internet, many believed that it was still a fad. Since then, the internet has become a major part on our lives, from how we buy goods and services, to the ways we network and how we participate in the political system.There are many parallels between this and cryptocurrencies and blockchains today:

Like the internet, cryptocurrencies such as Bitcoin are driven by advances in core technologies along with a new, open architecture — the Bitcoin blockchain. Like the internet, this technology is designed to be decentralized, with “layers,” where each layer is defined by an interoperable open protocol on top of which companies, as well as individuals, can build products and services.

Like the internet, in the early stages of development there are many competing technologies, so it’s important to specify which blockchain you’re talking about. And, like the internet, blockchain technology is strongest when everyone is using the same network, so in the future we might all be talking about “the” blockchain. Read more of this post

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