Insurance

Insurance is a risk management strategy employed to reduce one’s financial loss. The Insurance Industry comprises companies that offer this risk management in the form of insurance contracts. But this industry has been plagued by data tampering forgery for quite some years now. Also, the presence of red tape makes it difficult to settle and process the claims quickly and on time.

How can ProofEasy help the Insurance Industry?

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Insurance is a huge industry and caters to customers of all regions, nationalities, race, color and creed. But it is the one industry that is constantly plagued with security issues, leading to enormous losses for an Insurance firm. ProofEasy can help the Insurance sector by:

Securing Insurance Policies

Insurance policies are the most important document when it comes to the Insurance Industry. But it comes with its own set of problems, like:
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Tampering

This is the most common issue with an insurance policy. Policies secured with ProofEasy’s blockchain technology are impossible to tamper with.

Duplication

ProofEasy makes duplication of insurance policies a thing of the past. It will also help you in tracking the changes made to the secured policy, so that you’re always in the know when it comes to such sensitive documents.

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Complex Sharing

With the insurance firms shifting their operations online, they have become susceptible to hacking and possible data leakages. ProofEasy’s patented QR tech only lets authorized users access a document, so that the integrity of a policy is never compromised. The policies can be shared directly from the platform or through email, etc.

Lower Productivity

ProofEasy helps you automate your operations, thus making the tedious and cumbersome process of preparing, sharing, and storing insurance policies, painless.

To know more about how ProofEasy can help you safeguard insurance policies, click here

Automating the Insurance Claims’ Settlement and Increasing its Dependability

Insurance Claim settlement documents are of paramount importance and any sort of negligence or leak can have disastrous effects. Let’s take a look at some of the problems that plague this process:
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Forgery

ProofEasy’s top-notch technology makes the forgery, and duplication of an insurance policy unfeasible.

Tedious Inspection Procedures

ProofEasy with its patented QR technology makes the inspection process of a document swift and painless.

Data Leaks

ProofEasy’s blockchain technology generates a unique hash value for each document and saves it in its decentralized server. The secured document can only be accessed by authorized users, eliminating any chances of possible leaks.

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Tampering

ProofEasy keeps a track of all the uploaded documents, thus eliminating any chances of data tampering. Additionally, it also helps you in tracking any changes made to the original, secured document, making the document immutable.

To know more about how ProofEasy can help make Insurance Claims Settlement documents secure, click here

What is in it for the Business Ecosystem and the Insurance Industry?

The world of tech is becoming competitive day after day. Forgery and data tampering is taking place unprecedentedly in the business ecosystem today. And that is why protecting every single document concerning your business is crucial.
The insurance industry is pretty vulnerable to data tampering. The brand value of several insurance companies has fallen drastically due to data infringement. Even though insurance companies are finding ways to tackle this challenge, it continues to be a nightmare for them.
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How much is the insurance industry affected due to forgery?

We already saw 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.

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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, have leveraged and are still leveraging the power of Blockchain. Not only did they all 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?

There are different ways with which Blockchain is thwarting data theft and ensuring 360-degree authentication and protection of data pertaining to the insurance industry.
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QR Code Based Document Authentication

We all know how digital payments are taking place today. Through Netbanking, we make big and small payments each day. If one has the account number of the receiver, the payer can enter that, verify and then transfer the amount.

Else, one can access a QR code and make the payment. This mechanism is considered safer because the receiver can double verify before making the payment. 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 authorised individuals get access to your data.

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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.

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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.

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ProofEasy

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 the digital way of data protection to ensure brand value and customer retention.

Especially in the case of insurance industries, the data is authenticated with a 360-degree encryption facility, and the brand equity of insurance companies gets enhanced.

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