BLOCKCHAIN IN INSURANCE: ENHANCING TRANSPARENCY AND EFFICIENCY
Keywords:
Blockchain, Insurance Industry, Transparency, Efficiency, Smart Contracts, Fraud Prevention, Claims Processing, Reinsurance, Parametric Insurance, Decentralized TechnologyAbstract
The insurance industry faces persistent challenges, including
inefficiencies, fraud, and a lack of transparency, which result in high costs and
customer dissatisfaction. Blockchain technology offers a transformative solution to
these issues by providing a decentralized, immutable, and transparent ledger system.
Through applications such as fraud detection, automated claims processing, and
streamlined policy management, blockchain enhances operational efficiency and
builds trust among stakeholders. This article explores the potential of blockchain in
revolutionizing the insurance sector, highlights real-world examples, addresses
challenges to adoption, and outlines a promising future outlook for the industry
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