Life Insurance and Blockchain

[Eugenar]

This is a good idea but, conflict may arise right? We are talking about insurance therefore there would be "something" to be in the middle to regulate the process of the insurance. How can we be sure that there will be no possibility of corruption? Please enlighten me. The management could hide an identity of benificiary. Also this would be long term, will the market value of crypto, since the market price is not consistent and for it being used in tbis insurance, will affect the benefit one would get?

The idea is great indeed. I do heard of such cryptorelated insurance before and there are just questions that I have in mind since it took my interest.

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[Wapfika]

Is this even possible? What are the benefits? Cryptocurrency price is not stable, today is higher than never before and tomorrow can drop a lot. Who is the one to win in this situation? Or it's a scheme not to cover your finances and taxes? I have insurance from average payout for life insurance and paid with cash only, after analysis the advised for me best face amount plant. From my perspective was very convenient. Never thought that somehow crypto could be involved and used for such services! Sounds doubtful but in the same time I know many will rejoice at such a choice.

The only way to pay now via crypto in some known insurance companies is when there's a app operated or registered in which country you are. There are no direct way yet to pay bitcoin without converting in fiat from big insurance companies but who knows soon when adoption evolves more. In my country those who pursue the importance of life insurance also posted some updates in BTC. Sooner it will develop till transaction became convenient and trusted.

[Wapfika]

Six blockchain use cases for health and life insurance companies

Moving towards interoperable, comprehensive health records
The added security and ability to establish trust between entities are two reasons why this technology can help solve the interoperability problem better than today’s existing technologies.

Supporting administrative and strategic imperatives with smart contracts
Blockchain could automatically collect records of agreements, transactions, and other valuable information sets, then link together the information and act on the data using smart contracts.

Detecting fraud more effectively
When fraudulent information is submitted to a life or health insurer via false claims, falsified applications, or other channels, smart contracts can help determine if the submission is indeed valid.

Improving provider directory accuracy
Unique provider directories could leverage the technology’s decentralized consensus protocols to allow providers and insurers to update listings more quickly and easily.

Simplifying the application process by making it more client-centric
Providing an easier-to-access, more comprehensive set of medical records on a blockchain could infuse comfort and peace of mind into what, for many, is now an intrusive and often discouraging application process.


Facilitating a dynamic insurer/client relationship
Electronic health records securely stored on a smart contract could be the foundation for integrating a wide variety of wellness-related behaviors into the insurer/client dynamic.

Source: https://www2.deloitte.com/us/en/pages/life-sciences-and-health-care/articles/blockchain-in-insurance.html

[Beparanf]

Six blockchain use cases for health and life insurance companies

Moving towards interoperable, comprehensive health records
The added security and ability to establish trust between entities are two reasons why this technology can help solve the interoperability problem better than today’s existing technologies.

Supporting administrative and strategic imperatives with smart contracts
Blockchain could automatically collect records of agreements, transactions, and other valuable information sets, then link together the information and act on the data using smart contracts.

Detecting fraud more effectively
When fraudulent information is submitted to a life or health insurer via false claims, falsified applications, or other channels, smart contracts can help determine if the submission is indeed valid.

Improving provider directory accuracy
Unique provider directories could leverage the technology’s decentralized consensus protocols to allow providers and insurers to update listings more quickly and easily.

Simplifying the application process by making it more client-centric
Providing an easier-to-access, more comprehensive set of medical records on a blockchain could infuse comfort and peace of mind into what, for many, is now an intrusive and often discouraging application process.


Facilitating a dynamic insurer/client relationship
Electronic health records securely stored on a smart contract could be the foundation for integrating a wide variety of wellness-related behaviors into the insurer/client dynamic.

Source: https://www2.deloitte.com/us/en/pages/life-sciences-and-health-care/articles/blockchain-in-insurance.html

I have an existing life insurance with an investment package included, I don't any idea about my records, transaction and other updates from them unless I will contact my insurance agent to inquire it for my self. Using blockchain for recording purposes will give a big help for all insurance client to tracks all the services they are paying. Honestly man, I'm just paying monthly premium just in case there's sudden accident or illness hit me to support me financially. Nice to see this thread and I support this idea.

[lienfaye]

I have an existing life insurance with an investment package included, I don't any idea about my records, transaction and other updates from them unless I will contact my insurance agent to inquire it for my self. Using blockchain for recording purposes will give a big help for all insurance client to tracks all the services they are paying. Honestly man, I'm just paying monthly premium just in case there's sudden accident or illness hit me to support me financially. Nice to see this thread and I support this idea.

I also have a life insurance for over 2 years now and just like you I dont have records or any updates regarding my insurance and im only relying to my agent if I have questions. If blockchain technology has an advantage for life insurance companies then adopting it would be a good idea not only for the companies but also for their insurance holder as well.

[Wapfika]

Sad to hear your story @beparnf and @lienfaye. I'm a Financial advisor and I understand your concern but in our Insurance company, there's a special website that let you monitor your account health same as your payment history. The only thing that's not convenient are the way company sending the receipt and membership report every month. They are still using courier to deliver house which is not applicable on this pandemic. I strongly believe that Blockchain can do an important changes on this weak spot of insurance industry.

[Clavulanic]

Sad to hear your story @beparnf and @lienfaye. I'm a Financial advisor and I understand your concern but in our Insurance company, there's a special website that let you monitor your account health same as your payment history. The only thing that's not convenient are the way company sending the receipt and membership report every month. They are still using courier to deliver house which is not applicable on this pandemic. I strongly believe that Blockchain can do an important changes on this weak spot of insurance industry.

Yes blockchain is the best way of handling insurance in remittance and receipt tracking since blockchain is a pure record and undeniable for having no central control and the risk involving like disappearance after several years of contribution can be minimize, with blockchain everything is possible.

[zhelis74]

Sad to hear your story @beparnf and @lienfaye. I'm a Financial advisor and I understand your concern but in our Insurance company, there's a special website that let you monitor your account health same as your payment history. The only thing that's not convenient are the way company sending the receipt and membership report every month. They are still using courier to deliver house which is not applicable on this pandemic. I strongly believe that Blockchain can do an important changes on this weak spot of insurance industry.

Yes blockchain is the best way of handling insurance in remittance and receipt tracking since blockchain is a pure record and undeniable for having no central control and the risk involving like disappearance after several years of contribution can be minimize, with blockchain everything is possible.

Maybe its possible but not totally the best way, life insurance requires central control to monitor and process whoever needs it. In hospitalization case who will process to the hospital knowing that most establishment are still in fiat system but i will not set aside the possibility in the future if there is already proper arrangement between blockchain amd individual agency.

[awik p]

Sad to hear your story @beparnf and @lienfaye. I'm a Financial advisor and I understand your concern but in our Insurance company, there's a special website that let you monitor your account health same as your payment history. The only thing that's not convenient are the way company sending the receipt and membership report every month. They are still using courier to deliver house which is not applicable on this pandemic. I strongly believe that Blockchain can do an important changes on this weak spot of insurance industry.

Yes blockchain is the best way of handling insurance in remittance and receipt tracking since blockchain is a pure record and undeniable for having no central control and the risk involving like disappearance after several years of contribution can be minimize, with blockchain everything is possible.

Actually, there used to be a project with an insurance concept, it's called Fidentiax if I'm not mistaken, but over time it turns out that the project is not running, until now it has disappeared from circulation. actually this is a good concept between blockchain and insurance, as it can facilitate the acceleration of data transfer or financing

[Wapfika]

Sad to hear your story @beparnf and @lienfaye. I'm a Financial advisor and I understand your concern but in our Insurance company, there's a special website that let you monitor your account health same as your payment history. The only thing that's not convenient are the way company sending the receipt and membership report every month. They are still using courier to deliver house which is not applicable on this pandemic. I strongly believe that Blockchain can do an important changes on this weak spot of insurance industry.

Yes blockchain is the best way of handling insurance in remittance and receipt tracking since blockchain is a pure record and undeniable for having no central control and the risk involving like disappearance after several years of contribution can be minimize, with blockchain everything is possible.

Maybe its possible but not totally the best way, life insurance requires central control to monitor and process whoever needs it. In hospitalization case who will process to the hospital knowing that most establishment are still in fiat system but i will not set aside the possibility in the future if there is already proper arrangement between blockchain amd individual agency.

The key here is having a 3rd party payment solution just like the typical method of merchant of accepting crypto. Insurance industry is not yet adapting blockchain tech because the current trend of DeFi is into financing and NFT. I know that there will other services that will exist soon to help insurance industry once they take step to use blockchain. I'm an optimistic person and I believe on the potential of using blockchain on this kind of industry.

[AicecreaME]

I have nothing against the implementation of blockchain technology and cryptocurrency payments in the Life insurance industry.
However,I highly doubt that the blockchain technology will reduce or prevent the cases of insurance fraud.
Technology can't replace humans,when it comes to investigating insurance fraud cases.
I think that the insurance industry will be damaged by the corona recession.The overall revenue of insurance companies will go down and adopting cryptocurrency payments won't make the insurance companies more attractive to the people.Many people lost their jobs due to the recession,so they can't afford insurance.It doesn't matter if they are paying with crypto coins or fiat money.

You have a valid point. During this challenging time, most people barely have food to eat and are just trying so hard to make the ends meet just to survive their daily struggles. Applying for an insurance policy would be the least in their priorities since the downpayment and monthly payment required to be paid will just take another toll on their budgeting. I would bet that the people would rather save themselves and buy the things they need at the present than to get a life insurance. There are still a lot of people unaware how beneficial life insurance would be in case of an emergency. There are also people that are fully aware about its advantages, but unfortunately, they don't have the means to get such package.

In addition, the entry of blockchain in life insurance policies won't totally guarantee that it will be fraud-free. The security measures might be strengthened, but it won't be an assurance that some kind of schemes, scams, and fradaulent activities won't be present. The security measure is still best provided with the help of a human and not a program alone. Maintenance must regularly be done to secure the protection of it against the hackers.

[sapnu]

Collaborating blockchain and life insurance could be a good idea specially for those who are currently investing huge amount of money in crypto. Though it might work out a little different with the usual life insurance we used to have, it can be a place for innovation and it can be much more effective compared to the traditional one. Even though there's still a risk, it can still pay you back in the future once if is not a scam or a fraudulent act. Not everyone can afford getting a life insurance but I think it is necessary specially if you are currently working hard and aiming to make sure you have your future secured.

[Kittygalore]

I think that the six application of blockchain that you just listed is pretty awesome especially the fraud detection given how life insurances becomes more popular in other countries besides USA, this can help a lot although I can't see if blockchain will be able to hold that much traffic if insurance agencies adopted it.

[maisao1991]

I don't believe in what life insurance they promise and offer attractive benefits but when it comes to reality it's not, and I watched my aunt buy life insurance and she regretted it. , so I have a different view of buying such insurance.

[Wapfika]

I don't believe in what life insurance they promise and offer attractive benefits but when it comes to reality it's not, and I watched my aunt buy life insurance and she regretted it. , so I have a different view of buying such insurance.

Legit insurance company is registered and binded by the law. Maybe your Aunt avail the scam insurance or the insurance agent didn't explain to her the content of the policy. I have many client that already claim on insurance and I always remind them carefully the dos and don't and especially the coverage. I understand your aunt experience about insurance don't categorize them in general. Some pointers to get a perfect life insurance is too avail only to the company that running for a long time. A stablished insurance company will never try to trick there clients.

[Natalim]

I don't believe in what life insurance they promise and offer attractive benefits but when it comes to reality it's not, and I watched my aunt buy life insurance and she regretted it. , so I have a different view of buying such insurance.

Legit insurance company is registered and binded by the law. Maybe your Aunt avail the scam insurance or the insurance agent didn't explain to her the content of the policy. I have many client that already claim on insurance and I always remind them carefully the dos and don't and especially the coverage. I understand your aunt experience about insurance don't categorize them in general. Some pointers to get a perfect life insurance is too avail only to the company that running for a long time. A stablished insurance company will never try to trick there clients.

It depends on the insurance you avail of, usually, life insurance is to ensure that your family gets the insurance when you die, so as an insurer, you'll not enjoy it and you will not regret if in the first place you understand the insurance you sign up. As long as they are a legit company, you should not worry about anything as the authorities will be after them if they'll scam you.

Some insurance has investments plan included, i think that's a good one too, but you need to increase your premium as well.

[TimeTeller]

I don't believe in what life insurance they promise and offer attractive benefits but when it comes to reality it's not, and I watched my aunt buy life insurance and she regretted it. , so I have a different view of buying such insurance.

Legit insurance company is registered and binded by the law. Maybe your Aunt avail the scam insurance or the insurance agent didn't explain to her the content of the policy. I have many client that already claim on insurance and I always remind them carefully the dos and don't and especially the coverage. I understand your aunt experience about insurance don't categorize them in general. Some pointers to get a perfect life insurance is too avail only to the company that running for a long time. A stablished insurance company will never try to trick there clients.

It depends on the insurance you avail of, usually, life insurance is to ensure that your family gets the insurance when you die, so as an insurer, you'll not enjoy it and you will not regret if in the first place you understand the insurance you sign up. As long as they are a legit company, you should not worry about anything as the authorities will be after them if they'll scam you.

Some insurance has investments plan included, i think that's a good one too, but you need to increase your premium as well.

Before you sign up or avail an insurance package, make sure you read their policy.
Because that's where the problem usually is, if you are not aware of the coverage and the limitations, you will really end up not getting the benefits you think you can avail of.
And yes, you should be very choosy what company you will get this package, much better if you can get it from established company with long years of operations.
There are several insurance-related blockchain projects that were introduced before, but I am guessing, they haven't gained success in the market.
But this will be good if an existing insurance company will integrate blockchain tech not a new company that will try to operate as insurance with blockchain integrated system.
I believe, the success can be attained if the insurance company is already existing as they just need to develop their system according to blockchain technology .

[Lubang Bawah]

I don't believe in what life insurance they promise and offer attractive benefits but when it comes to reality it's not, and I watched my aunt buy life insurance and she regretted it. , so I have a different view of buying such insurance.

In my country insurance has a bad reputation, many claims are rejected, I have also participated in an insurance program and I stopped because I was disappointed when a health claim turned out to have to wait for a difficult procedure, at this time I did not join any insurance program and to cover health costs then I always save and prepare as much cash as I can.

[Russlenat]

For me, this is good, because it promotes transparency and it's easy for the clients to complain if they don't qualify for the insurance while they are paying their premiums. Maybe for some, it's quite complicated but in reality, it really reduce the work, it will not only help the company to reduce manpower but to gain confidence among their clients because of the TRANSPARENCY that we don't get on some insurance providers.

[Victorycoin]

Blockchain life insurance addresses these challenges by working in a shared decentralized account that helps align stakeholders in a single system that provides access to relevant information with everyone. This is especially helpful insurance for which a simple, sector based system allows individuals to monitor the funds they are considering. Blockchain encourages greater accountability, with reporting processes that can permanently penalize funds that do not follow the results in writing in a shared ledger insurance helps entrepreneurs in bad times.