Blockchain Use Case in Insurance Industry - iFour Technolab Pvt. Ltd.
                     https://www.ifourtechnolab.com/finance-custom-software-development
USE CASES IN INSURANCE
https://www.ifourtechnolab.com/finance-custom-software-development
USE CASES IN INSURANCE
Blockchain in Insurance
According to FBI, total cost of insurance fraud in the US is estimated to be more than $40B a 
year
Insurance fraud costs US family anywhere between $400 and $700 in the form of increased 
premiums
Blockchain technology can help eliminate common sources of fraud in the insurance 
industry
Automated “smart contracts” can greatly speed up claims processing and payouts, 
saving insurers over $200B a year
https://www.ifourtechnolab.com/finance-custom-software-development
USE CASES IN INSURANCE
Blockchain in Insurance
ALaccko rodfi ndga tao  cFaBnI,  lteoatda lt coo isnts oufr ainscuer aclnacime  fdraeundia ilns ,t wheh iUchS ciso setsst ihmoastpeitda tlso  $b2e6 m2Bo ryee tahralyn $40B a 
year
Insurearnsc eco furaldu dre ccosrtds  pUeSr mfaamnielyn ta tnryawnshaecrtei obnest,w weiethn g$r4a0n0u laanrd a $cc7e0s0s  icno tnhtero flosr tmo opfr ointeccret ased 
pdraetma siuemcusrity
BMlodckecrnhiazin gt efcrahgnmoleongtye cda lne ghaeclpy eITli msyisntaetme sc,o immproonv isnogu ercffiecs ieonf cfrya,u adn din  btohles tienrsiunrga nce 
icnodmupstertyitiveness
AReudtoumcea treisdk  “bsym farcti lcitoantitnragc itnsf”o crmana tgiorena-stlhya sripnege adn udp c culat icmos tps rboyc easustionmg antidn gp apyrocuetss, es, 
saving irnesinusrueres rosv uepr $to2 0$01B0 Ba year
https://www.ifourtechnolab.com/finance-custom-software-development
USE CASES IN INSURANCE
Use Case 1: Fraud Detection & Risk Prevention
Ledger technology can move fraud detection forward by consolidating claims data across 
insurers
Benefits:
Reducing premium diversion
Enable better coordination between insurers to combat fraud
Eliminating double-booking, or processing multiple claims from the same 
accident
Establishing ownership through digital certificates and reducing 
counterfeiting
Save insurers the expense of paying for public and subscription data to 
prevent fraud
Initiatives:
Etherisc - built a blockchain-enabled insurance product that it began testing publicly in October 2017
https://www.ifourtechnolab.com/finance-custom-software-development
USE CASES IN INSURANCE
Use Case 21: PFraoupde rDtye taencdt ioCna s&u aRlitsyk I nPsreuvraenctieon
BLelodcgkecrh taeinch hneollposg tyo c manit imgaotvee c foramumd odne tisescutieosn  wfohrewna drde ablyin cgo wnsitohl iidnastuinragn cclea,i mdes tdeactain agc frroasusd  and 
pinrseuvreenrtsing risks
Benefits:
RBelodcukccihnagi np rtemchiunmol odgivye ernsiaobnles automated real-time data collection and analysis
ECnaanb qleu ibcekltyte cro clloeocrtd tihnea twioind ebleyt dwiespeenr isnesdu rdeartsa t toh caot misb naete fdraeudd to resolve claims
EMlaimkein caltainimg sd poruobcles-bsoeso kuipn gt,o o trh preroec teimsseinsg f amstuelrti palned c filaviem tsi mfreosm c thheea psaemr e 
accident
EImstparbolviseh ain figr omw’sn earcschoiupn ttharboiuligtyh  adnigdi ttaral ncesprtaifirecnacteys and reducing 
counterfeiting
SMaovset ninostuarbelrys  dtehtee ectxipnegn fsraeu odf apnadyi npgre fvoern ptuinbgli cri saknsd subscription data to 
prevent fraud
Initiatives:
BEt3hi e- riis ca  -Z buurilcth a-b balsoecdkc shtairntu-epn tahbalet de xinpslourreasn cthee p broednuecfitt st hoaft u ist ibnegg dainst treibsutitnegd  pleudbgliecrly t einc hOncotloobgeier s2017
https://www.ifourtechnolab.com/finance-custom-software-development
USE CASES IN INSURANCE
UUssee C Caassee 2 3: :P Hroepaeltrhty I nasnudr aCnacseualty Insurance
Blockchain hcaenlp rse ttou rmn ictiognattreo lc ofm mmeodnic iasls udeasta w thoe pna dtieanltisn,g a wndit hs hinasruer acnces, sd teot edcattinag o fnr au cda asen-db y-
pcaresvee bnatisnisg risks
Benefits:
BEnloccrkycpht apinat tiencht ninoflorgmy aetnioanb,l efasc ailuittaotminagt ethde r etraaln-tsimfeer  odfa itnaf ocromlleactitoionn w ahnidle  asntialll ypsriostecting 
patient privacy
CManin qtauiinc kplya tcieonllte cptr itvhaec yw iwdheillye  dcirsepaetrinsegd a dna itnad tuhsatrty i-sw nidee,d seydn tcoh roensoizleved crelapiomssitory of 
healthcare data
MAnayk eti mclaei ma sc hparoncges isse ms uapd et ot ot htrheee d toimcuems efanstt,e itr’ sa nredc fiovrdee tdim oens  tchhee sahpaerred 
ledger
IAmllpowroivneg  ain fisurmre’rss a acncdo upnrtoavbidileitrys  aton da utrdaint smpeadreicnacly information across 
organizations
MDaotsat ntoo tbaeb layn doentyemctizinegd  faranudd s haanrde pdr feovre rnetsinegar rcihsks
IInniittiiaattiivveess::
BM3ITi  --  iAs  asy Zsuterimch p-broapseodse sdt abrytu Mpe tdhRaet ce xfoprl osrteosr itnhge m beedniecfiatls d oaft au soinng t hdeis btrliobcuktcehda liendger technologies
https://www.ifourtechnolab.com/finance-custom-software-development
USE CASES IN INSURANCE
Ussee  Caassee  34::  HReainltshu rInasnucreance
BUlpoecnkdch cauirnr ecnatn r reeintusrunr acnocnet rporl oocfe msseedsi cbayl dstarteaa mtol ipnaintige nthtse, flaonwd sohf ainrefo armccaetsios nt ob detawtae eon  ian scuarseer-sb &y- 
creaisnes ubraesris on a shared ledger
BBeenneefifittss::
Encrypt patient information, facilitating the transfer of information while still protecting 
pDaettieanilet dp rtirvaancsyactions around premiums and losses can exist on an insurer and reinsurer’s computer systems at 
the same time
Maintain patient privacy while creating an industry-wide, synchronized repository of 
hEeliamltihncaatirneg d tahtea need to reconcile books between institutions for each individual claim
Any time a change is made to the document, it’s recorded on the shared 
lReedignesrurers can be better equipped to allocate capital for claims nearly in real-time
Allowing insurers and providers to audit medical information across 
oPrrgoacneiszsa tainodn ssettle claims more quickly without relying on primary insurers for data around each 
Dclaatiam to be anonymized and shared for research
Initiatives:
IniBti3ai tiisv ae sco:nsortium formed in October 2016 by some of the biggest names in the insurance and reinsurance 
MarIeTa -s A t os yesxtpelmor ep rtohpeo bsleodc kbcyh Maiend tReecch nfoorl osgtoyring medical data on the blockchain
https://www.ifourtechnolab.com/finance-custom-software-development
USE CASES IN INSURANCE
Use  Case  54::  MReicinros-uInrasnucraence
Smart contracts enable micro-insurance policies to be issued and claim payouts to 
be automated
BBeenneefifittss::
DSiemtapilliefyd  tthraen cslaacimtios npsr oacroeussnd premiums and losses can exist on an insurer and reinsurer’s computer systems at 
the same time
EAllilmeviniaattei nhgig thh ep rneemediu mtos reconcile books between institutions for each individual claim
RBeeinnesfiutr ethrso scea nw bheo  blievtet einr  ecaqtuaipstpreodp htoe  arellgoicoantse capital for claims nearly in real-time
PErnoacbelses t arunsdt  sbeetttwlee celna ipmese rms otore i nqcuriecakslye  wtriathnosupta rreenlyciny gf oorn p porpimulaatriyo ninss luivreinrgs  fionr r deamtoat aer roeugnido nesa ochf  the 
cwlaoirmld
IInniittiiaattiivveess::
SURETY.AI - allows insurance companies to connect effectively with their customers by offering micro-
B3i is a consortium formed in October 2016 by some of the biggest names in the insurance and reinsurance 
insurances
areas to explore the blockchain technology
https://www.ifourtechnolab.com/finance-custom-software-development
USE CASES IN INSURANCE
What we offer?
Custom Blockchain mobile and software
Blockchain Consulting
Cryptocurrency (ICO)
https://www.ifourtechnolab.com/finance-custom-software-development
USE CASES IN INSURANCE
What we offer?
CDuAsptpo mDe Bvleolcokpcmhaeint
BHlyopcekrclheadigne Cr oSnesrvuilctieng
CSmryaprtto cCuornrternacyt D(ICevOe)lopment
https://www.ifourtechnolab.com/finance-custom-software-development
USE CASES IN INSURANCE
Contact Us
[email protected]
Follow Us :
https://www.ifourtechnolab.com/finance-custom-software-development