Using RecordsKeeper Blockchain to store insurance records:

 

This use case addresses improvements in the operational functions of an insurance company. It also helps in improving their dealings with intermediaries, providers, and policyholders resulting in an excellent customer experience, enhanced product value, and also helps in laying the groundwork for greater customer choice in the market. The overall motive behind this is to improve operational effectiveness, decrease costs, and further strengthen the relationships with the insured. The following can be achieved with a structured storage:

1. Moving towards interoperable, comprehensive records The added security and ability to establish trust between entities are the basic two reasons why Recordskeeper can help in solving the interoperability problem better than today’s existing technologies.

2. Detecting fraud more effectively When fraudulent information is submitted to insurer through false claims, by falsified applications, or through other channels, Recordskeeper can help in determining whether the submission is indeed valid or not.

3. Improving provider directory accuracy The technology’s decentralized consensus can be leveraged by the unique provider directories to allow providers and insurers for easy and quick update listings

4. Simplifying the application process by making it more client-centric Providing an easier-to-access, more comprehensive set of insurance records on a Blockchain can help in infusing comfort and peace of mind into what, for many, which is now an intrusive and often discouraging application process.

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