Blockchain in Life Insurance can save a lot of field survey cost and moral hazard instances.
#Blockchain in Life #Insurance, can save a lot of field survey costs, this will also keep the data transparent, genuine and secured. The insurance companies can use the blocks created by different institutions to verify the field activities.
For e. g in case of a life insurance verification and payment, the Blockchain can have:
1. #Genesis block created either by a customer care executive of insurance company who first gets a call in case of a mishappening, or from the hospital who admitted the person.
2. The hospital can create blocks at the critical stages with details, till they finally give up.
3. Another block by the medical inspector who filles the final report
4. Next block by the carrier who carries the body for last rituals
5. Next by the person linked to an institution who executed the last rite
6. Can have more blocks.
The insurance company can check the #immutable ledger chain and verify the claim for payment. This is much better than paper based ledgers. It will reduce a lot of #Moral hazard cases for insurance companies.
The same information can be used by #municipal corporation to capture death reporting.
Can this be a use case for insurance? Or can we think of more such cases..?
Please share your thoughts..