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Blockchain insurance global‘s three ways to solve the issues of the insurance Industry

2020-12-31 Buffalonews

As one of the three pillars of finance, insurance not only mitigates risks for users, but also provides long-term stability for the stable development of the entire economy and society. Insurances works as a safety net that helps users to minimize losses in the event of an accident.

But many people have not realized the importance of insurance, and the insurance industry has not fully utilized its value. The reason is that the insurance procedures are cumbersome, and the premiums are high for some peopleSo how do we simplify the insurance application process, reduce the time required to complete the insurance application process, and reduce the cost of insurance policies to improve the development and renewal of the insurance industry?

If you want to simplify the insurance application process and rely on the system to implement it, the simplification of the entire process will not be ideal. If you want to solve the problem effectively, you can only rely on technical means. As an established insurance platform, "BIG" is the first to link technology to the field of insuranceBIG has been solving the existing problems at this stage and is hence, getting more and more popular with users.

BIG is the world's leading insurance platform. It is an insurance ecosystem that uses technology such as blockchain, Internet of Things and artificial intelligence. Compared with the traditional insurance framework, BIG uses blockchain and other new technologies (artificial intelligence, big data, Internet of Things) in the insurance industry to gain a competitive advantage.

1、 Write the insurance underwriting and claims process and logic into the smart contract code, When the trigger conditions are met, the claims smart contract will automatically executeThe BIG insurance Chain’s underwriting and claims module can automatically handle most non-compensation situations and notify the insured automatically. For situations that require subjective judgment, we use artificial intelligence and big data analysis modules to provide data and analysis for manual underwriting;

2、 Through blockchain technology, all BIG users will be grouped together to build a P2P mutual help community. The formation of the mutual aid community pool is voluntary and self-organizing, and mutual aid related parameters and rules are required and customized according to its group’s users. The flow of funds needs to be transparent and open, and the results of verification and mutual fund raising are determined by voting by members of the mutual insurance community and implemented automatically. Through the reward mechanism of mutual aid community groups, moral hazard and fraud risk can also be reduced, and the retained balance can be shared and in doing so, gradually enable the further reduction of premiums for users

3、 Identity Verification of policyholders will be synchronized on the chain. The platform’s policyholders’ identity authentication module is unique and accurateThe identity information of the insured person is recorded locally and stored in the blockchain. Regardless of whether it is insured by multiple insurance companies or if a user has purchased multiple types of insurance from the same company, it can be certified once and submitted multiple times without having the user to fill in information repeatedly. There is also no need to provide other proof of identity when making claims. All insurance agencies on the chain will use the information certified on the chain together, and in the case of sensitive information, it will also only be prompted on the first time.

The BIG platform that is built on the basis of blockchain technology will be able to restore the essence of risk management in the most effective manner, compress the stretched chain in the traditional world to the shortest, and at the same time reduce the barrier to entry to the lowest, provide the highest liquidity, and provide the most accurate insurance pricing. Under the iterative of technologies such as blockchain, BIG will enable the insurance industry to start a new chapter and create its own comprehensive insurance ecosystem.

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