Temporal Blockchain technology has the potential to transform how insurance companies do business and to enhance the customer experience, the benefits include:

  • Conducting Insurance over Smart Contracts – Significant savings and efficiencies can be generated from having multiple parties sharing the same data from a single point of data entry, providing a clear and consistent view of the insured risk.
  • Better KYC/AML – These regulations can be onerous for insurance companies, and by linking to blockchain-enabled shared databases insurers can greatly reduce the cost of KYC/AML.
  • Fraud Mitigation – Improvements can be engineered in the speed of checking and assessing claims for double processing and/or multiple claims for the same accident, establishing ownership of high-value items through digital certificates, etc.
  • Reinsurance – Streamlining of information and payments between insurance companies and reinsurance companies, with control of the provision of information on a need-to-know basis.
  • New Products: Fair Insurance – Realtime understanding of risk exposure can start to support insurance as a service – only pay for what you need.
  • More automated claims-handling – Digitised policies and smart policy numbers make it easy to administer adjustments, renewals, cancellations, payments and claim processing.
  • Micro Insurance – Temporal Blockchain’s low powered device connectivity and ability to scale opens up insurance for unbanked and uninsured with built-in real time pricing for simple risks.

The by-product of these benefits is reduction in costs and enhanced profitability.

Insurance companies that are using blockchain have witnessed transformative benefits – significant numbers of insurers expect to integrate blockchain, and identify that blockchain and smarts contracts can revolutionise the way that they engage with new partners.

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