Insurance companies have been in existence since the 1600s, with the first concept of modern insurance emerging within the property market, triggered mainly through fires which had destroyed thousands of houses – yet various compliance challenges within the insurance industries are still largely felt till this day.
Claim and settlement processes is probably one of the main challenges, with claims filed by insurers required to go through an arduous form-filling process – the purchase of insurance policies also entails a similar procedure, most of which will be processed on paper format which means that policy purchases and policy claims and settlements are prone to human error.
This in turn requires human supervision to ensure elimination of errors, all well and good unless time and money was not incremented to these services, at the expense of the customer.
Enter blockchain technology, a means for recording all the required information in a cryptographically secured, shared record-keeping database, which allows non-trusted intermediaries, with potential conflict of interest to collaborate together and agree on the validity of a transaction without the need of having parties...

Full article