Award Applications

Ask any person what they generally think of insurance and they are very likely say one of the following:
“I don’t know if I am paying too much.”
“There is no transparency.”
“I don’t trust it. “
Pretty much it comes down to little trust, no accountability and lack of transparency. Well those three things are exactly what the blockchain sets out to solve.

One of the biggest challenges in insurance today are legacy systems and processes for issuing policies and managing claims. Old technology and high human involvement for basic tasks drives the cost up and makes the price high. No wonder that in places like India, insurance adoption is less than 5%. To sell to that market of 1.3 Billion, insurers will have to lower the cost by a lot. A blockchain based insurance platform will allow insurance policies to be issued onto the blockchain and be transparent for all. Smart contract systems will allow for real-time claims management so the customer doesn’t have to spend time gathering the materials, making copies, mailing it in and then waiting 3–6 months for the payout. Everything is automated.

At Bluzelle we are using Blockchain to provide insurers with better infrastructure so they can issue policies and settle claims in real time, which leads to lower costs. Now that a lower-cost foundation has been built, our insurance customers can get very creative when selling to emerging markets where the people have been financially excluded. Insurers can sell short term policies or usage based insurance at a low cost and still make a profit. Things like personal injury insurance, hospital stays, bike insurance all comes down.

In the past twelve months we've delivered on insurance POCs and Pilots with AIA, MSIG and are engaged with others.