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How blockchain can benefit insurers



When insurers integrate customer data, they can effectively lower costs, save time and improve data quality. Historically, this has been a complex challenge, but with the introduction of smart technologies, authentic data integration can now be simplified. solution for the employee benefits industry. Blockchain technology is able to create a more connected ecosystem among stakeholders. This establishes a reliable, integrated channel for exchange information. It is specifically relevant to the insurance industry, as blockchain's capabilities streamline manual insurance processes. time, across the business. Processing errors are reduced through techniques such as automated reconciliation and smart contracts, which are executed online and are available to all users of the blockchain. ̵
1; and long-term disability cover, and accident and healthcare insurance. This mandate is fulfilled with reinsurance from Generali to captive or pooling services.

has been on the radar of global insurance providers for the past few years. In late 2016, B3i, a collaborative initiative of 15 global insurers and reinsurers came together to explore and test the potential of blockchain in the industry. In 2018, two global customers of the Generali Group – one of which is Syngenta, a leading agriculture company – and local insurers in Spain, Switzerland and Serbia successfully demonstrated a prototype of this particular solution. the next rollout within GEB, illustrate the potential for blockchain to genuinely and sustainably shift the insurance market towards greater integration and efficiency.

business.

For more information on GEB's blockchain project you can also visit this page.


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