Revolutionizingthe traditional insurance industry, are you on the BIG insurancechain?
Economiesare reforming; insurance industry is facing transformation
Withthe continuous waves of disruptive innovation, the insurance industryis transforming far faster than digital transformation. Changes incustomer demand and the reform of the economy are gradually changingthe industry. The emergence of blockchain technology not onlyproposes brand-new solutions to the issues faced by traditionalinsurance, but also solves insurance’s “last mile” problem,that is, preventing moral hazard, protecting customer privacy, andensuring information security. Blockchain is bound to bring hugechanges to the insurance industry.
Theinsurance industry itself is more complicated, because it involvesconsumers, insurers, intermediaries, reinsurers, and otherparticipants. For some time, there have been issues such ascumbersome identity authentication process, information asymmetry,and long insurance policy claims. There may be flaws in differentstages of the insurance system such as information concealment,misunderstanding of the content of insurance policies, and highpremiums caused by high marketing.
Thecore value of blockchain technology is to reconstruct trust. Theinsurance field is a skyscraper built on credit, and the emergence ofblockchain technology provides the possibility for the creditreconstruction of the insurance industry. Because of this, insurancehas become one of the most promising industries for theimplementation of blockchain technology. This is also why the BIGinsurance chain, as a leader in the combination of blockchain andinsurance, has emerged.
TheBIG platform will eliminate the risk of claim fraud
Asa blockchain-based insurance project, BIG writes the insuranceunderwriting and claims process and logic into the smart contractcode and executes it automatically, forming a BIG insurance chaincontract, thus completely eliminating the traditional informationasymmetry and agency fees, and creating a complete IoT insuranceecosystem.
Thereare endless cases of insurance claim fraud. The harmful insurancecompanies or insurance brokers try their own personal interests andspeculate on the cost of the insurance policy, causing manypolicyholders to pay for many years of insurance policies and whenthey need to settle the claims, they find that they have paid invain. In the end, insurance holders not only lose money, but also mayalso be unable to afford medical treatment due to failure to settleclaims.
Inorder to solve this issue, the BIG platform will use the Internet ofThings, blockchain, and artificial intelligence modules to establisha smart consumer electronic equipment property insurance withautomatic pricing and automatic claims. The insurance premiums arecalculated through artificial intelligence and big data analysis tocompletely eliminate the risk of claim fraud. This will bringunprecedented reductions in operation costs for automatic claims topolicyholders!
Shortenthe insurance industry chain and restore the essence of riskmanagement more efficiently
Thetraditional insurance industry chain is very long, and there aremultiple lines in the upstream and downstream of the entire industrychain: insured persons, insurance brokers, agents, insurancecompanies, etc. The lengthy industrial chain will cause the claimsprocess to be extremely cumbersome. As the saying goes, insurancesubscription is easy and difficult to claim. The most feared thingabout buying insurance is that you can't get life-saving money afterspending a lot of money!
Butthe emergence of BIG will eliminate these problems. The innovation ofthe BIG insurance chain shortens the entire insurance industry chaininto an insured person, an underwriter, and a BIG platform. This willrestore the essence of insurance management in the most effectivemanner while also lowering the barriers to entry and increasingmarket liquidity in the process. This will also greatly shorten theclaim time and improve the policyholder’s claim experience!
Theplatform shares the identity information of policyholders and canauthenticate multiple insurances at the same time
Thereare many types of insurance, including property insurance, endowmentinsurance, medical insurance, unemployment insurance, work-relatedinjury insurance, personal insurance, commercial insurance, etc. Inthe traditional insurance industry, it is not a problem for a personto purchase the above-mentioned insurance. The problem is that ittakes time and effort to sign up for various insurance policypackages and the hefty costs associated with it. Things get evenworse when you need to settle a certain insurance policy and have togo through all your old documents to look for the policies. This isprovided that you haven’t already lost them.
Incontrast, the intelligent operation of the BIG insurance chainplatform connects the policyholder's identity authentication to themodule, which can record the policyholder's identity information andstore it on the blockchain. In this way, no matter if the insured isinsured by multiple insurance companies or purchased multiple typesof insurance from the same company, he or she can authenticate onceand submit multiple times without having to fill in information againand does not need to provide other identification when making claims.
Byeffectively solving the issues of the traditional insurance industry,the BIG insurance chain is bound to revolutionize or even replace thecurrent model of the traditional insurance industry. BIG insurancechain aims to become the world’s top blockchain insurance projectby providing users with convenience brought about by blockchaintechnology.