Insurance is a risk management strategy employed to reduce one’s financial loss. The Insurance industry comprises companies that offer risk management in the form of insurance contracts. But this industry has been plagued by data tampering and forgery for quite some time. Also, red tape makes it difficult to settle and process the claims quickly and on time.
How can ProofEasy help the Insurance Industry?
Securing Insurance Policies
Automating the Insurance Claims’ Settlement and Increasing its Dependability
What is in it for the Business Ecosystem and the Insurance Industry?
How much is the insurance industry affected due to forgery?
We’ve already seen how logistics and supply chain is benefitting from Blockchain-powered technology. Its relevance in cryptocurrency is already well known to all. Similarly, the Insurance industry finds enormous applications in terms of blockchain.
Fraudsters selling fake policies is a larger threat for insurance companies. In various instances, leading insurance companies were legally bound and couldn’t protect themselves against forgery of documents.
In one case, the insurance company was subject to a lawsuit worth US$6.8 Million. However, the case went in favour of the petitioner as it was the responsibility of the insurance company to authenticate policyholders. Most importantly, some countries impose imprisonment of nearly 10 years for holding a fake policy.
Blockchain for Protection & Transparency
Since the advent of Bitcoin, people have been crazy about Blockchain. Moreover, banking, logistics, and supply chain, as well as other industries, are leveraging the power of Blockchain. Not only did they ensure tackling revenue leakage and transparent operations.They ensured the data entered in the nodes are well encrypted and are not vulnerable for a hacker to misappropriate. Therefore, Blockchain is the right solution to ensure data authentication and protection.
How is Blockchain Ensuring Data Protection & Authenticity?
QR Code Based Document Authentication
We all know how digital payments are taking place today. Through Netbanking, we are able to make transactions of all sizes. If one has the account number of the receiver, the payer can enter that, verify and then transfer the amount. You can access a QR code and make the payment. This mechanism is considered safer because the receiver can double verify before accepting the transaction. Similarly, anyone who can access a critical document with a QR code, using smart devices to scan the code is the safest way of ensuring only authorized individuals get access to your data.
Decentralized Data Protection
You might remember the Twitter fiasco with the Russian Government. It taught us the importance of decentralized data protection. The Russian Government is keen on protecting the data of every single individual in their country. Hence, they asked Twitter to maintain a database of Russian citizens on Russian servers. Similarly, every single country is coming up with the same data protection policy. Therefore, one can ensure the data we upload on social media platforms are not manipulated or misused. Blockchain ensures decentralized data protection over a centralized data protection policy. This enables seamless maintenance of data. Decentralized data protection with Blockchain ensures that the data is secured and sorted flawlessly.
Seamless Adoption & Instant Verification
Both decentralized data protection and QR code access with blockchain ensures 100 percent data security. Yes, generating a QR Code for your document hardly takes minutes. Moreover, this QR code validity will be controlled by the IT administrators of the organization. Also, if new smart devices are to be added for QR code access, IT administrators can authorize the same. With this, the integrity of each document can be protected, and the approved set of individuals can access the documents.
ProofEasy is the next-gen document verification and protection technology. It gives you access to the most robust form of digital data exchange among all stakeholders. Most importantly, it doesn’t involve huge investments, and one need not move documents from the cloud. Precisely, it is an all digital way of data protection to ensure brand value and customer retention.
Especially in the case of the insurance industry. The data is authenticated with a 360-degree encryption facility, so the brand value and reputation of insurance companies will be enhanced.