The application of blockchain technology is reshaping the entireinsurance industry value chain and laying the foundation for thedigital transformation of insurance. The BIG (Blockchain InsuranceGlobal) insurance chain platform uses the latest technology such asconsensus mechanism, smart contracts, and distributed ledgers totransform the traditional insurance process. Using blockchain, BIGaims to build a decentralized insurance management system and aninsurance transaction market.
The BIG insurance platform combines blockchain technology with theinsurance industry to digitize insurance products and modularizeinsurance business processes, thereby improving efficiency andproductivity, and returning value to users and participants of theplatform. At the same time, with the introduction of blockchaintechnology, the BIG platform aims to bring changes to the traditionalinsurance industry:
Shortenthe claims process and time
Themost labor-intensive and time-consuming problem of traditionalinsurance is the claim settlement process. Traditional insurancestill relies on manual operations and paperwork; the insurance claimprocess can take as little as a few weeks or even up to months.Furthermore, if the insurance company and the insured come todisagreements during the claim process, more issues will occur anddelay the settlement time.
Withthe BIG insurance chain, the claims settlement process can becompleted quickly, and the efficiency of claims settlement can berapidly improved. Electronic bills based on blockchain technology canbe used as claims vouchers, and time stamp technology can ensure theauthenticity of bills and verify the time validity of bills; thissaves a lot of time during manual reviews and simplifies the claimsprocess.
Claimevents can be completed within a few minutes through the automaticclaims module provided by the BIG Insurance Chain (automaticexecution function of smart contracts), and those events that cannotbe automatically settled will go through the manual claims process.Information on the applicants such as claim requests and accountinformation can be verified using data analysis and anti-fraudanalysis. This greatly shortens the claim settlement time andimproves the applicant’s claims experience.
Personalized insurance products
Thehigh security and immutability of blockchain technology make theinformation recorded in the network highly credible and allowsinsurance companies to make personalized product designs according toeach policyholder. The BIG insurance chain platform stores userinformation, insurance policy information and claims informationrecords, and relies on blockchain computing technology to mine dataand quicken the development of insurance products.
Applicationfunction modules on the BIG insurance chain platform can providethird-party insurance companies with services including productresearch and development for professional service sharing, identityauthentication of applicants, sales and underwriting, claims,accounting, and policy discounting to meet the ever-changinginsurance and customization needs.
On the BIG insurance chain platform, the design of insurance andinsurance management contracts has been thoroughly mastered and willnot be controlled by any centralized regulatory agency. Therefore,all individuals and institutions can use the BIG platform to meetindividualized risk management needs and find corresponding riskmanagement contracts on the platform.
The insurance industry, as an industry created in response to riskmitigation, is essentially the act of mutual assistance under the lawof large numbers. The characteristics of blockchain decentralization,peer-to-peer communication, and distributed storage can connect theentire insurance industry chain and play the highest value ininsurance product development, insurance, claims, insurance assetmanagement and other insurance areas.
Asthe world's leading blockchain-based insurance ecosystem, the BIGinsurance chain platform will be able to restore the essence ofinsurance management more effectively, shorten the claims settlementprocess of the traditional insurance industry, develop personalizedinsurance products, and provide better liquidity and more accuraterisk pricing.