Making Blockchain Technology In Life Insurance Work For You
June 19, 2019 Leave a comment
Back 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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wealthymatters 