Economies are reforming; insurance industry is facing transformation
With the continuous waves of disruptive innovation, the insurance industry is transforming far faster than digital transformation. Changes in customer demand and the reform of the economy are gradually changing the industry. The emergence of blockchain technology not only proposes brand-new solutions to the issues faced by traditional insurance, but also solves insurance’s “last mile” problem, that is, preventing moral hazard, protecting customer privacy, and ensuring information security. Blockchain is bound to bring huge changes to the insurance industry.
The insurance industry itself is more complicated, because it involves consumers, insurers, intermediaries, reinsurers, and other participants. For some time, there have been issues such as cumbersome identity authentication process, information asymmetry, and long insurance policy claims. There may be flaws in different stages of the insurance system such as information concealment, misunderstanding of the content of insurance policies, and high premiums caused by high marketing.
The core value of blockchain technology is to reconstruct trust. The insurance field is a skyscraper built on credit, and the emergence of blockchain technology provides the possibility for the credit reconstruction of the insurance industry. Because of this, insurance has become one of the most promising industries for the implementation of blockchain technology. This is also why the BIG insurance chain, as a leader in the combination of blockchain and insurance, has emerged.
The BIG platform will eliminate the risk of claim fraud
As a blockchain-based insurance project, BIG writes the insurance underwriting and claims process and logic into the smart contract code and executes it automatically, forming a BIG insurance chain contract, thus completely eliminating the traditional information asymmetry and agency fees, and creating a complete IoT insurance ecosystem.
There are endless cases of insurance claim fraud. The harmful insurance companies or insurance brokers try their own personal interests and speculate on the cost of the insurance policy, causing many policyholders to pay for many years of insurance policies and when they need to settle the claims, they find that they have paid in vain. In the end, insurance holders not only lose money, but also may also be unable to afford medical treatment due to failure to settle claims.
In order to solve this issue, the BIG platform will use the Internet of Things, blockchain, and artificial intelligence modules to establish a smart consumer electronic equipment property insurance with automatic pricing and automatic claims. The insurance premiums are calculated through artificial intelligence and big data analysis to completely eliminate the risk of claim fraud. This will bring unprecedented reductions in operation costs for automatic claims to policyholders!
Shorten the insurance industry chain and restore the essence of risk management more efficiently
The traditional insurance industry chain is very long, and there are multiple lines in the upstream and downstream of the entire industry chain: insured persons, insurance brokers, agents, insurance companies, etc. The lengthy industrial chain will cause the claims process to be extremely cumbersome. As the saying goes, insurance subscription is easy and difficult to claim. The most feared thing about buying insurance is that you can't get life-saving money after spending a lot of money!
But the emergence of BIG will eliminate these problems. The innovation of the BIG insurance chain shortens the entire insurance industry chain into an insured person, an underwriter, and a BIG platform. This will restore the essence of insurance management in the most effective manner while also lowering the barriers to entry and increasing market liquidity in the process. This will also greatly shorten the claim time and improve the policyholder’s claim experience!
The platform shares the identity information of policyholders and can authenticate multiple insurances at the same time
There are many types of insurance, including property insurance, endowment insurance, medical insurance, unemployment insurance, work-related injury insurance, personal insurance, commercial insurance, etc. In the traditional insurance industry, it is not a problem for a person to purchase the above-mentioned insurance. The problem is that it takes time and effort to sign up for various insurance policy packages and the hefty costs associated with it. Things get even worse when you need to settle a certain insurance policy and have to go through all your old documents to look for the policies. This is provided that you haven’t already lost them.
In contrast, the intelligent operation of the BIG insurance chain platform connects the policyholder's identity authentication to the module, which can record the policyholder's identity information and store it on the blockchain. In this way, no matter if the insured is insured by multiple insurance companies or purchased multiple types of insurance from the same company, he or she can authenticate once and submit multiple times without having to fill in information again and does not need to provide other identification when making claims.
By effectively solving the issues of the traditional insurance industry, the BIG insurance chain is bound to revolutionize or even replace the current model of the traditional insurance industry. BIG insurance chain aims to become the world’s top blockchain insurance project by providing users with convenience brought about by blockchain technology.