Validating insurance policies

The alliance will provide insurers with a full range of UBI and mileage classification programs, including a mobile app that insurers can deploy quickly or integrate into their existing app. We carry out routine checks on behalf of our underwriters as well as access external databases such as the Claim and Underwriting Exchange (CUE) register.As with all such innovations, a global standards war is under way.And, as with any standards war, demystifying a new, powerful technology is partly in the hands of industry bodies, such as the Global Blockchain Business Council, but mostly in the hands of bold leaders who see this tool not as a threat but as a source of competitive advantage, efficiency, and security.While the large banks are at the center of this trust vacuum — with a seemingly steady stream of scandals, such as the recent Wells Fargo account rigging debacle — the erosion of trust is bad for everyone.

Herein, as with all insurance, is where the concept of utmost good faith is laid bare.This will be toughest on the portions of the industry that are the least differentiated, where consumers often decide based on price: auto, life, and homeowner’s insurance.However, even these commodity offerings can find ways to innovate and survive.Blockchain, which is a form of mutualized record-keeping in a near irrevocable time-stamped ledger, has some truly profound implications for the world.So much so that it is being likened to a foundational technology, much as the internet was in the early 1990s.

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