Insurance, law and the blockchain
Blockchains and smart contracts have both added value and disruptive potential for insurers, lawyers and notaries. Ducking away is not a solution, because in a digitized society, blockchain technology is becoming the foundation of a democratic and legally secure society.
Blockchain and loss prevention
Blockchain technology opens up completely new potential for insurers.
Take loss prevention, for example: Accidents can be avoided through communication between network participants, e.g. by recognizing accident-prone routes through the evaluation of blockchain data and bypassing them with the navigation system.
Blockchain replaces brokers
With the help of the Elrond blockchain and smart contracts, the monitoring and compliance of contracts is automated and without human interaction.
Insurance policies can be concluded without brokers – directly, simply, securely and transparently by the customer himself.
The Elrond blockchain for insurers, lawyers and notaries public
The potential applications of the Elrond blockchain for insurers, lawyers and notaries are as diverse as they are visionary. You too can rely on the technology of tomorrow.
Insurance quite flexible
Peer-to-peer insurance enables customers to insure themselves collectively. Insured parties pay into a joint pool via Smart Contract. If the premiums paid in are not sufficient, the insurer that stands behind the product as a reinsurer pays.
In the future, customers will be able to optimally adapt their insurance modules to their individual needs with just a few clicks. Payments will be made via micro-payments. Insurance will become smarter and more affordable.
With the help of external data, such as weather forecasts, machines take out temporary insurance policies to cover potential damage. But that’s not all: To avoid unpleasant surprises for the owner, the machine can take out basic insurance itself before it is put into operation.
With smart contracts, claims are handled automatically and costs are reduced. Information about the insurance claim is securely documented on the blockchain.#
A travel insurance company, for example, could monitor flight data in real time and immediately transfer the compensation due in the event of a delay
False claims for compensation are filtered out, insurance fraud is made massively more difficult.
The Elrond blockchain makes claims reporting efficient, transparent, and customer-centric. Insurers can securely and quickly access information, forms, evidence, police reports and expert opinions.
By using sensors in cars, when an accident occurs, a message is automatically sent to the insurer. The required data is then requested, processed and forwarded if necessary, for example to towing services, workshops or other insurance companies.
Attorneys & Notaries
Notarial transactions, such as the transfer of property, leave room for manipulation and fraudulent acts. The characteristics of blockchain therefore make the technology a hot candidate for notaries and lawyers.
For example, the blockchain can be used to prove the existence of a property or a contract, including all changes since its creation, beyond doubt and in a forgery-proof manner.
Blockchain = Efficiency
The Elrond blockchain facilitates contract design and processing. Delays caused by a large number of parties and unnecessary costs can be accelerated.
Especially for contracts with a low degree of individualization, the blockchain can show its full strength.
Blockchain for insurance quotes
Predictions can be used to suggest insurance policies that a patient might need based on medical records, disease progression and risk factors.
Prerequisite: a blockchain-based medical record that meets high data protection requirements.
More about the Elrond blockchain
The Elrond blockchain will revolutionize the insurance and legal world. We show you why!
Elrond is a high-performance blockchain technology based on the proof-of-stake consensus mechanism. It was developed to eliminate vulnerabilities of other blockchains. Actually, we claim that Elrond is the best blockchain technology in the world.
Would you like to learn more about the potential of the Elrond blockchain for your company? Our experts will be happy to advise you. Free of charge and without obligation.
Advantages of the Elrond blockchain
Let's talk about Elrond, Insurance & Law
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