Blockchain Insurance: reliability, availability and transparent conditions

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Marsh, a major insurance broker, began collaborating with the Blockchain platform to develop customer identification and insurance solutions. Broker services include business risk analysis of the geopolitical environment, cybersecurity consulting, business interruption potential and regulatory issues. The company has more than 30,000 employees who advise individuals and corporate clients in more than 130 countries.

Thanks to Blockchain, the broker will be able to identify clients without handling sensitive personal data. Using a decentralized platform it is possible to remotely connect to thousands of authoritative sources and verify data without the risk and liability of holding personal information.

The blockchain will also be used to transform the insurance process from complicated and manual, to streamlined and transparent process. Additionally all permissioned parties will be able to instantly verify information.

Remote client verification and governing the insurance smart-contracts is available on the basis of ENDO Protocol. Even more, – all the broker’s workflow can be automated. In case of insured event the independent parties may be asked to verify it, for example, hospitals. The smart contract will determine further actions according to the data. If the decision is difficult, an investigation and additional verification of the smart contract by the broker may be required. All the facts, collected during the investigation, will be stored in the Blockchain and later used to render a verdict.

The blockchain solution will allow insurance brokers to operate only validated data, that will make the work less time consuming and verdicts to be rendered faster.

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