Life Insurance and Blockchain

[doomloop]

We have seen several blockchain projects that are focusing in insurance system. However, I believe, they have problems when it comes to implementation. Up until now, no blockchain-related insurance project is known to be successful on this kind of venture. But if you talk about the convenience that blockchain tech will bring to insurance industry, I believe, it will be tremendous. Maybe, they haven't find the right recipe on how to implement this on a large-scale basis.

But making a quick search, there are already companies that are integrating blockchain tech in their insurance services -

https://builtin.com/blockchain/blockchain-insurance-companies

Haven't used any of those sites, so I can't say about the feedback of using those sites.

Unfortunately there are just "attempts" basically, not that they are bad but it is not the huge names that are doing big stuff. I personally have to say that if you could use blockchain in the insurance industry then it should be more than just a database solution, it would be a great database solution but whenever you are doing a crypto project that can be done as well by a database then you are looking at a project that is useless.

It means you need something bigger than a database and life insurance or any insurance in this regard is something that is a bit more different, creating an algo to calculate all the possibilities and basically using all the data on you to predict what you should pay for what could be done. This is data base and machine learning at the same time and could be done on blockchain given enough data for people. You start with 1000 and based on how good or bad you are on something your rate drops or goes up.

[1715478133]

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[paxmao]

There has been the usual bluff and hype on using blockchain for insurance. In my view, there is no real added value of blockchain to the simple use of traditional databases and documents. Insurance is quite a legal stuff that has already an extensive fintech behind and there is not that much to be done. Why would you need a trustless network or have a distributed database that is actually expensive to maintain?

Any project on this should very clear explain how savings or benefits are achieved.

[pinggoki]

There has been the usual bluff and hype on using blockchain for insurance. In my view, there is no real added value of blockchain to the simple use of traditional databases and documents. Insurance is quite a legal stuff that has already an extensive fintech behind and there is not that much to be done. Why would you need a trustless network or have a distributed database that is actually expensive to maintain?

Any project on this should very clear explain how savings or benefits are achieved.

Totally agree, I think that the way that insurance companies cheat their clients of their money and not get the benefit of their insurance will still probably be present in the improved version of it, the only difference being digitized. So I totally agree with the reply by paxmao that it's no added value in changing it to blockchain.

[poldanmig]

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.

[AmoreJaz]

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.

[Webetcoins]

If you are just ordinary workers do not face the risk of death. You should avoid joining life insurance, because it is less useful you will continue to pay the insurance premium. Without getting benefits in the short term, it's better money to pay for insurance used to invest in cryptocurrency is much more feels the benefits. Regarding life insurance, right now can received payment for contributions with crypto, which is pretty good news in my opinion.Cryptocurrency has begun to be adopted by life insurance, hopefully cryptocurrency is adopted by other fields as well.

No matter what type of work you have (indoors or outdoors) both of them are not exempted with death but it can be true that there are jobs that are very risky but still if its not your time you wont prerish doing that job or what you mean when you say ordinary worker is the one that earns less?

Because, they are usually the ones that do not bother with this kind of things due to their state of living. They can use the money on things that are immediately needed. With that said, do you think they will use the money for cryptos ? I guess no. It is only sad because they cant experience things like insurances and insurances are very useful because this can make you feel less worried in the future.

[Maestro75]

This is one of these areas that definitely could use the blockchain's immutability and transparency.

If people actually bothered to adopt blockchain technology in this field there will be a transformational increase in integrity of the system.

Africa should by all means adopt the blockchain in this as it will help to fight and prevent insurance scams the same way it should be adopted to checkmate pension fraud too. The so many scams resulting from this two sectors I mentioned is highly under reported. Heads of parastatals and ministries have ripped people off for so long a time and they have been getting away with that. Corruption in Africa now makes things like that and stealing look normal. This is bad. Blockchain technology should be applied in all this. Maybe it will put a stop to it as transparency will be guaranteed

[Gozie51]

This is one of these areas that definitely could use the blockchain's immutability and transparency.

If people actually bothered to adopt blockchain technology in this field there will be a transformational increase in integrity of the system.

Africa should by all means adopt the blockchain in this as it will help to fight and prevent insurance scams the same way it should be adopted to checkmate pension fraud too. The so many scams resulting from this two sectors I mentioned is highly under reported. Heads of parastatals and ministries have ripped people off for so long a time and they have been getting away with that. Corruption in Africa now makes things like that and stealing look normal. This is bad. Blockchain technology should be applied in all this. Maybe it will put a stop to it as transparency will be guaranteed

It has all been said well. There are many corruption holes that has not been covered and government officials are still taking what belongs to the public. Blockchain can reduce these loop holes to a level that corruption will become a difficult thing in the system but the challenge is those that are looked on to for such policies will not do a progressive thing for the public because they benefit from that area.

[Vaskiy]

Blockchain is an effective technology that gives error free functioning against the traditional system. As of now we can't find more real-time usage being operated through blockchain technology. It is said there is increase in the adoption of blockchain technology, but that isn't true. Blockchain usage on insurance will help the consumers get the insurance on time without any big process as the one we experience with the centralized insurance system.

[leoGreed]

Insurance with Blockchain is the most convenient way to get a policy. In any life insurance, that risk is death. You purchase a certain amount of life insurance ($200,000, for ex.), you die, your beneficiary gives the life insurance company the death certificate, the life insurance checks to see that there wasn’t fraud on the application, and then it pays out the $200,000 tax-free to the said beneficiary. It’s the simplest form of insurance there is and, in my opinion, the most essential.

[24Kt]

Blockchain is an effective technology that gives error free functioning against the traditional system. As of now we can't find more real-time usage being operated through blockchain technology. It is said there is increase in the adoption of blockchain technology, but that isn't true. Blockchain usage on insurance will help the consumers get the insurance on time without any big process as the one we experience with the centralized insurance system.

There have been blockchain projects before that explored the insurance industry as I have seen those in the ANN board. But it seems, they are not successful in the actual implementation. Maybe, they haven't gained much interest from the public as people are still preferring to buy their Life Insurance Policy in a traditional way.

However, you can already see several insurance companies utilizing blockchain technology - https://builtin.com/blockchain/blockchain-insurance-companies, most of them are dealing with property insurance.

[Sir Legend]

I think so too, traditional insurance databases are enough to know a lot of things, blockchain will not be optimal for use in insurance, the best advantage of blockchain is for fast and frequent transactions, complicated things if we use blockchain for insurance transactions.