What is insurance?
Insurance is a method of protection against monetary loss. It is a type of risk management, which is mainly used to help against the risk of an unexpected misfortune.
An insurer may report an accident or claim to a broker, and provide the required data to underwriters, particularly the insurer, reinsurer, if applicable. Claim accommodation is confirmed by a receipt to the insurer.
From that point on, the claims agent may request additional data for the claim through an external source. After these steps, if each condition is met, the claim is verified, and the installment is initiated by the insurer’s claim agent. Insurance is exposed to a variety of fraud schemes. From sharing insurance plans to medication evaluations after divorce. So how does blockchain help in this field?
The future of blockchain technology is seen as the biggest picture of the Fourth Industrial Revolution and a potential disruptor for some.