Blockchain Use Case in Insurance Industry - iFour Technolab Pvt. Ltd.

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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

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Blockchain in Insurance Lack of data can lead insurance claim fraud denials, which hospitals According to FBI, totaltocost of insurance in the US costs is estimated to $262B be moreyearly than $40B a year Insurers could transactions, with $400 granular to protect data security Insurance fraudrecord costs permanent US family anywhere between andaccess $700 controls in the form of increased premiums Modernizing fragmented IT systems, improving efficiency, bolstering competitiveness Blockchain technology canlegacy help eliminate common sources of fraudand in the insurance industry Reduce risk“smart by facilitating information-sharing cut costs by automating processes, saving reinsurers up to $10B Automated contracts� can greatly speed and up claims processing and payouts, saving insurers over $200B a year

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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

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Use Case 1: Detection & Risk Insurance Prevention 2: Fraud Property and Casualty Blockchain helps tocan mitigate common issues forward when dealing with insurance, detecting fraudinsurers and preventing risks Ledger technology move fraud detection by consolidating claims data across Benefits: Reducing diversion Blockchainpremium technology enables automated real-time data collection and analysis Enable bettercollect coordination between insurers combat fraudto resolve claims Can quickly the widely dispersed datatothat is needed Eliminating or processing multiple claims from the same accident Make claimsdouble-booking, processes up to three times faster and five times cheaper Establishing ownership throughand digital certificates and reducing counterfeiting Improve a firm’s accountability transparency Save the expense of paying for publicrisks and subscription data to prevent fraud Most insurers notably detecting fraud and preventing

Initiatives: Etherisc built a blockchain-enabled insurance that began testing publicly in October 2017 B3i - is a- Zurich-based startup that explores theproduct benefits of it using distributed ledger technologies

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Use Case 2: and Casualty Insurance 3: Property Health Insurance Blockchain helps to mitigate issues dealingand withshare insurance, and preventing can return controlcommon of medical datawhen to patients, accessdetecting to data onfraud a case-by-case basisrisks Benefits: Encrypt patient information, facilitating transferdata of information while still protecting patient privacy Blockchain technology enables automatedthereal-time collection and analysis Maintain patient whiledispersed creating an industry-wide, repository of healthcare data Can quickly collectprivacy the widely data that is neededsynchronized to resolve claims Any time a change is made the document, it’sand recorded on the shared ledger Make claims processes up totothree times faster five times cheaper Allowingainsurers and providersand to audit medical information across organizations Improve firm’s accountability transparency Data to be anonymized and shared for research Most notably detecting fraud and preventing risks

Initiatives: Initiatives: MIT -- isA asystem proposed

by MedRec for storing on the blockchainledger technologies B3i Zurich-based startup that explores themedical benefitsdata of using distributed

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4: Health Reinsurance Use Case 3: Insurance Upend current processes by streamlining the flow of information & reinsurers Blockchain can reinsurance return control of medical data to patients, and share access to between data on ainsurers case-by-case basis on a shared ledger Benefits: Benefits: Encrypt patient information, facilitating the transfer of information while still protecting patient privacy Detailed transactions 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 healthcare data Eliminating the 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 ledger Reinsurers can be better equipped to allocate capital for claims nearly in real-time Allowing insurers and providers to audit medical information across organizations Process and settle claims more quickly without relying on primary insurers for data around each claim Data to be anonymized and shared for research

Initiatives: Initiatives: B3i is a consortium formed in October 2016 by some of the biggest names in the insurance and reinsurance areas to explore the blockchain technology MIT - A system proposed by MedRec for storing medical data on the blockchain

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Use Case 4: 5: Reinsurance Micro-Insurance Smart contracts enable micro-insurance policies to be issued and claim payouts to be automated Benefits: Benefits: Simplify the claims process Detailed transactions around premiums and losses can exist on an insurer and reinsurer’s computer systems at the same time Alleviate high premiums Eliminating the need to reconcile books between institutions for each individual claim Benefit those who live in catastrophe regions Reinsurers can be better equipped to allocate capital for claims nearly in real-time Enable trust between peers to increase transparency for populations living in remote regions of the world Process and settle claims more quickly without relying on primary insurers for data around each claim

Initiatives: Initiatives:

SURETY.AI - allows insurance companies to connect effectively with their customers by offering micro-insurances B3i is a consortium formed in October 2016 by some of the biggest names in the insurance and reinsurance areas to explore the blockchain technology

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