If blockchain is diversified or used both as payment option and life insurance technology more transparency and straight forward policies will be implemented even giving birth to new insurance schemes. Blockchain is spreading and the use is seen in many other sectors gradually if only it hasn't gotten to insurance companies it would get viral and become a house hold name
What you say is true, although blockchain is a decentralized system that has data storage that records transaction details in a safe, transparent, and efficient system, so that it will greatly facilitate the transaction process and provide security for insurance companies and also to insurance policyholders, in addition to data transparency and also the security of clients medical records, of course blockchain will provide many extraordinary benefits if the insurance industry is willing to implement it, but the problem now is that it is difficult to implement it in the insurance industry, because we know that there is no overall cryptocurrency regulation, so of course, this will be difficult to achieve.
this is why we've seen several blockchain projects before involving some kind of insurance, but when it comes to implementation, that's their bottleneck. in traditional scenario, the buyer of insurance still needs to actually sign his policy. in my area, i haven't seen any insurance company that is actually employing the use of blockchain tech.
but according to this
article , some companies are already integrating the ledger tech
guardtime - irvine, california
lemonade -NY, NY
Etherisc - Munich, Germany
Fidentiax - Singapore
B3I - Zurich, Switzerland
Dynamis - London, England
Fizzy - Paris, France
Teambrella - St Petersburg, Russia
so if you happen to live in this area, you may want to check these companies.