If you’re curious about why insurtech has been the talk of the town lately, but can’t be bothered to sit through lengthy articles, you’ll want to keep reading.
Insurtech is short for insurance technology. It leverages all the latest digital innovations such as artificial intelligence (AI), the Internet of Things (IoT), and blockchain technology to deliver an insurance experience unlike anything the world has ever seen.
Breaking Down Insurtech
In other words, with AI, users can now enjoy everything from personalized services to chatbots for quick solutions via an app. They can also interact with insurers and perform transactions no matter where they’re at, thanks to the IoT.
Worried about privacy issues? Well, that’s where blockchain technology comes in! A form of secure record-keeping, blockchain helps Insurtech providers enhance privacy and security measures.
Blockchain in a Nutshell
This highly sophisticated technology stores data in “blocks” that are linked in a chain (hence its name). Because you can’t delete or change the chain without consensus or agreement from various distributed nodes in the network, the data is consistent chronologically.
All that is a fancy way of saying that blockchain makes the system nearly impossible to alter, cheat, or hack. The result? A fortified digital ledger for transactions like order tracking, payments, and accounts. With blockchain, there’ll be no such thing as unauthorized transaction entries or inconsistencies with shared transaction viewing.
For Security and Beyond
Besides preventing fraud and safeguarding financial and medical records, blockchain also guarantees faster claims reimbursements. However, the biggest selling point of blockchain in insurance is probably the possibility of on-demand service.
Since the technology allows providers to gain deeper insights into users’ behaviour, insurance rates based solely on the coverage needed (not your medical history or profile) are now a reality.
From revolutionizing NFTs to healthcare and real estate, the impacts of blockchain on various industries are expanding every day. So, it’s safe to say that we’ll be seeing more companies adopting this wildly innovative tech to create even more impressive products and services in the near future!
Say Hello to YAS Insurtech
Speaking of impressive products powered by blockchain technology, meet YAS! YAS is changing the insurance game by creating simplified, affordable, and flexible packages available on demand. Pick from insurance plans tailor-made for you and experience instant approval at a single tap.
Download the YAS app on Google Play or the App Store now or explore our other tips on microinsurance and more on the YAS blog!