How a Blockchain Startup is disrupting the Trillion Dollar Insurance industry

  • Insurance companies have advanced slowly in the distribution of data due to the significant risk of data privacy.
  • The problem with the current way insurance companies work is how they manage their data.
  • Causing delays for insurance payouts and increasing expenses for insurance companies occurs from the numerous copies of data being stored individually by each party that is involved in the process.
  • Startup InsureX is building a platform that uses blockchain to solve insurance data sharing while ensuring data privacy.
  • Based in London, the team is building a marketplace for insurance companies that wish to buy and sell insurance products in real-time.

The Insurance industry has yet to find an effective way to share data, and is considered by many to be outdated. Insurance companies have advanced…

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The problem with the current way insurance companies work is how they manage their data. Causing delays for insurance payouts and increasing expenses for insurance companies occurs from the numerous copies of data being stored individually by each party that is involved in the process. Naturally, this expense is then passed along to the insured resulting in increased premiums, copays, etc.

One technological innovation that could solve this problem is blockchain technology. With the blockchain it is difficult for any database to become corrupt, or experience data loss. The blockchain can facilitate insurers, reinsurers, and brokers to directly trade insurance products. All policies and claims can be directly available on the blockchain for immediate access. Smart contract technology will enable the transparent flow of information between all parties, and could potentially offer the automated distribution of payments.

Startup InsureX is building a platform that uses blockchain to solve insurance data sharing while ensuring data privacy. Based in London, the team is building a marketplace for insurance companies that wish to buy and sell insurance products in real-time. This also allows companies to be able to streamline all policies, premiums, and management claims.

How a Blockchain Startup is disrupting the Trillion Dollar Insurance industry