Muaj Blockchain : Blockchain + Assurance

The rapid development of digital commerce today has accelerated the digital transformation of the financial sector. Blockchain continues to consolidate and restructure the insurance industry as a key player in the digital sector.

Already a thousand years ago, Chinese maritime traders volunteered to build up a reserve of funds to pay for the repair of ships damaged on their journey to sea. The first insurance covers began to emerge from this form of mutual benefit.

As the market is born as a risk, the insurance industry is as important as the win-win situation according to Lot's law.

Blockchain technology has the characteristics of distributed, discrete, open, transparent and tracking, which can solve the problem of reliability and insurance industry, lead to better risk prevention, user awareness, reducing costs and improving efficiency.

The insurance industry relies on the principle of maximum fairness and data asymmetry makes it difficult for insurance companies to manage risk. As we all know, at the drafting level, the clerk has better information than the insurance company, and at the application level, it is more difficult to prevent insurance fraud. .

Blockchain technology has the characteristics of sharing and transparency that can reduce data asymmetry, and by integrating the security of multiple consumers through blockchain technology, it makes responsible in a variety of insurance related industries, such as personal health information and incident information, among others. Actually. Blockchain references allow insurance companies to receive more risky and time-consuming information when consumers purchase insurance, thereby reducing customer claims and first-drop insurance costs and increasing performance.

Synchronizing databases can improve the ability of the insurance company to manage the risks associated with insurance fraud and, when combined with smart contracts, can reduce management costs while maximizing the effectiveness of the solution.

At the same time, relying on the immutable nature of blockchain, insurance companies can store chain evidence, and users can control and verify its authenticity, improve user experience.

The insurance industry is one of the most important application scenarios for blockchain, which is often used on a large scale. Many insiders see blockchain technology as a key driver of digital exchange in the insurance industry.

Currently, more than 30 insurance companies in Korea are applying for blockchain, and among them, large and medium-sized insurance companies are actively using blockchain.

In the first half of this year, China Life established four new research and technology labs in the fields of information technology, cloud computing and infrastructure, security network and blockchain, and conducted more than 30 surveys. Of all major Chinese banks, 99% are local companies and 52% are insurance companies. ZhongAn Insurance formed a blockchain group in 2015 to develop its cutting-edge technology.