Challenges faced by the insurance industry
Sensible regulation benefits the industry, but insurance companies can struggle to update their business model and processes to meet the demands of multiple ever-changing regulatory regimes.
Opaque data usage
Concern about how data will be harvested, used, stored, and transferred is endemic in data-reliant businesses like insurance, with consumers and institutions alike wary of handing over their information.
Highly-skilled insurance professionals are in short supply, and many insurers struggle to recruit. Simultaneously, talented individuals find it difficult to enter the profession and to secure employment.
Lack of innovation
While other industries have been revolutionized with entirely new products and services, the insurance industry has largely offered the same products and in the same ways, missing out on opportunities and new markets as a result.
Customer expectations are now conditioned by instant-access, always-on services delivered online; they expect to buy insurance the way they buy everything else: frictionless, rapid, and convenient.
Lack of trust
The insurance business has acquired a reputation for obstruction and refusal to pay out, as well as for opaque policies and business practices. The public no longer regards insurance as real protection (as per B&FT Online).
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Blockchain solutions for insurance from Aetsoft
Enhance consumer trust
Offer consumers a fully transparent decision-making process, so they can see for themselves how payouts are defined and make sure the process is fair and reliable.
Blockchain allows you to create an accessible ledger of customer data; alternatively, you can grant them access to complete records of data sharing and usage.
Decentralized databases of skilled professionals and organizations seeking talent can automatically identify and connect good matches — all while remaining safe and traceable.
Reach out to new markets with modular and customizable products, utilizing tokenization and smart contracts to create new ways of offering insurance to businesses and individuals.
Enhanced customer journeys
Match and exceed customer expectations, offering fully automated workflows that let new customers explore options, sign up and manage their insurance with the user experience they expect and the security they need.
Business models can be adjusted to remain compliant across jurisdictions using smart contracts, which can also be used to automatically meet auditability and record-keeping requirements.
Blockchain to transform insurance procedures
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