Blockchain for Insurance

Introduction

The potential for Blockchain technology to disrupt the insurance industry and change the way we share data, process claims and prevent fraud is intriguing. Pomerol Partners are leading innovation in the insurance sector by adopting the latest technology in asset management.

Challenges

In the world of insurance, the trustworthiness and accessibility of data is of the utmost importance. Alongside our client, we stood to address the problems faced in asset management:

• Most supporting documentation and data linked to an asset are disconnected, incomplete and ill managed.
• Trustworthiness of documentation/evidence related to an asset cannot be readily determined – fraudulent activity in the form of falsification of data is a threat.

Solution

• Create an immutable asset record on the Blockchain that links all the data and documents related to an asset.
• The solution was provided and built on the Ethereum platform – a decentralised platform that runs smart contracts.

Benefits

• The Blockchain will act as an immutable asset record that links all the asset’s information over time.
• As data cannot be deleted from the Blockchain – this will result in a complete and untampered description of an asset and its history.
• The immutable asset record will be readily available at any point in time, as the Blockchain is a decentralised platform that runs over multiple nodes and does not experience any downtime.
• Fraud via unauthorised access is avoided due to the consensus algorithm of the Blockchain.
• A more accurate and fair premium can be calculated for an asset if sufficient knowledge exists of the asset.