Amongst the hottest innovation trends today, Blockchain is often mentioned. Although Blockchain is often just associated with cryptocurrencies like Bitcoin, this technology has enormous potential to impact the future customer experience. From our first collaborative Blockchain project, we've learned that countless insurance use cases are ripe for exploration. These use cases span from back office improvements, fraud detection, to positively impacting the role of insurance from the consumer's perspective.
Let's take a moment and think about what the future of insurance will look like once Blockchain is widely used and implemented.
Onboarding & Identity
Engaged to be married and to start a family, Julian looks to purchase a home. After he gets his financing in order, he is then proactively presented with several "peace of mind" options. Through his smart device, these options are presented to him as "smart contracts" that Julian can choose from. Instantly executed, Julian selects to protect his family home, car and his health. No identity, asset or health information is needed as this information is already collected and verified automatically from trusted sources.
Several years pass and on one unfortunate day while practicing his culinary skills, Julian's home is damaged by small home fire. All Julian has to care about is that his family is safe and sound. He does not need to worry about coverage or claims as his IOT devices have already shared the necessary information using trusted sources which then triggers a repair funds to be transferred to his account and a preferred service provider to repair and restore the damage to his home the next day.
Over the years, Julian continues to be a loyal customer. But unfortunately, he has had a couple of small vehicle accidents during his daily commute. Based on predictive analytics, Julian is gifted a telematics safety device that incents him for safe driving but also acts as a proactive safety measure, alerting him when he is likely to get into an accident. This provides Julian with additional preventative peace of mind while he is traveling for work or for a family vacation.
Curious about insurance blockchain use cases? You may be interested in: Blockchain & Insurance Management Report
As Julian gets closer to retirement, his term coverage is about to lapse. Julian still visits his physician regularly and is in good health. By pulling information from health record oracles and updating his smart contract accordingly, Julian is presented with a renewal option. Without the need to worrying about lapsing coverage or the need to get any additional information, Julian is proactively presented renewal options on his smart device. With one touch, Julian renews and his "peace of mind" continues.
The Future is Coming...
Does this sound like a science fiction? My son Julian is 1 year old today. Do we really have to wait until he grows up to make this customer experience a reality? The building blocks for making this customer experience real is readily available today through Blockchain innovation.
Co-create with us on our upcoming blockchain projects to move and influence our industry to revolutionize the future of insurance!