Topic: Life Insurance and Blockchain - page 3. (Read 1093 times)
Collaborating blockchain and life insurance could be a good idea specially for those who are currently investing huge amount of money in crypto. Though it might work out a little different with the usual life insurance we used to have, it can be a place for innovation and it can be much more effective compared to the traditional one. Even though there's still a risk, it can still pay you back in the future once if is not a scam or a fraudulent act. Not everyone can afford getting a life insurance but I think it is necessary specially if you are currently working hard and aiming to make sure you have your future secured.
I have nothing against the implementation of blockchain technology and cryptocurrency payments in the Life insurance industry.
However,I highly doubt that the blockchain technology will reduce or prevent the cases of insurance fraud.
Technology can't replace humans,when it comes to investigating insurance fraud cases.
I think that the insurance industry will be damaged by the corona recession.The overall revenue of insurance companies will go down and adopting cryptocurrency payments won't make the insurance companies more attractive to the people.Many people lost their jobs due to the recession,so they can't afford insurance.It doesn't matter if they are paying with crypto coins or fiat money.
However,I highly doubt that the blockchain technology will reduce or prevent the cases of insurance fraud.
Technology can't replace humans,when it comes to investigating insurance fraud cases.
I think that the insurance industry will be damaged by the corona recession.The overall revenue of insurance companies will go down and adopting cryptocurrency payments won't make the insurance companies more attractive to the people.Many people lost their jobs due to the recession,so they can't afford insurance.It doesn't matter if they are paying with crypto coins or fiat money.
You have a valid point. During this challenging time, most people barely have food to eat and are just trying so hard to make the ends meet just to survive their daily struggles. Applying for an insurance policy would be the least in their priorities since the downpayment and monthly payment required to be paid will just take another toll on their budgeting. I would bet that the people would rather save themselves and buy the things they need at the present than to get a life insurance. There are still a lot of people unaware how beneficial life insurance would be in case of an emergency. There are also people that are fully aware about its advantages, but unfortunately, they don't have the means to get such package.
In addition, the entry of blockchain in life insurance policies won't totally guarantee that it will be fraud-free. The security measures might be strengthened, but it won't be an assurance that some kind of schemes, scams, and fradaulent activities won't be present. The security measure is still best provided with the help of a human and not a program alone. Maintenance must regularly be done to secure the protection of it against the hackers.
Sad to hear your story @beparnf and @lienfaye. I'm a Financial advisor and I understand your concern but in our Insurance company, there's a special website that let you monitor your account health same as your payment history. The only thing that's not convenient are the way company sending the receipt and membership report every month. They are still using courier to deliver house which is not applicable on this pandemic. I strongly believe that Blockchain can do an important changes on this weak spot of insurance industry.
Yes blockchain is the best way of handling insurance in remittance and receipt tracking since blockchain is a pure record and undeniable for having no central control and the risk involving like disappearance after several years of contribution can be minimize, with blockchain everything is possible.The key here is having a 3rd party payment solution just like the typical method of merchant of accepting crypto. Insurance industry is not yet adapting blockchain tech because the current trend of DeFi is into financing and NFT. I know that there will other services that will exist soon to help insurance industry once they take step to use blockchain. I'm an optimistic person and I believe on the potential of using blockchain on this kind of industry.
Sad to hear your story @beparnf and @lienfaye. I'm a Financial advisor and I understand your concern but in our Insurance company, there's a special website that let you monitor your account health same as your payment history. The only thing that's not convenient are the way company sending the receipt and membership report every month. They are still using courier to deliver house which is not applicable on this pandemic. I strongly believe that Blockchain can do an important changes on this weak spot of insurance industry.
Yes blockchain is the best way of handling insurance in remittance and receipt tracking since blockchain is a pure record and undeniable for having no central control and the risk involving like disappearance after several years of contribution can be minimize, with blockchain everything is possible.
Sad to hear your story @beparnf and @lienfaye. I'm a Financial advisor and I understand your concern but in our Insurance company, there's a special website that let you monitor your account health same as your payment history. The only thing that's not convenient are the way company sending the receipt and membership report every month. They are still using courier to deliver house which is not applicable on this pandemic. I strongly believe that Blockchain can do an important changes on this weak spot of insurance industry.
Yes blockchain is the best way of handling insurance in remittance and receipt tracking since blockchain is a pure record and undeniable for having no central control and the risk involving like disappearance after several years of contribution can be minimize, with blockchain everything is possible.
Sad to hear your story @beparnf and @lienfaye. I'm a Financial advisor and I understand your concern but in our Insurance company, there's a special website that let you monitor your account health same as your payment history. The only thing that's not convenient are the way company sending the receipt and membership report every month. They are still using courier to deliver house which is not applicable on this pandemic. I strongly believe that Blockchain can do an important changes on this weak spot of insurance industry.
Yes blockchain is the best way of handling insurance in remittance and receipt tracking since blockchain is a pure record and undeniable for having no central control and the risk involving like disappearance after several years of contribution can be minimize, with blockchain everything is possible.
Sad to hear your story @beparnf and @lienfaye. I'm a Financial advisor and I understand your concern but in our Insurance company, there's a special website that let you monitor your account health same as your payment history. The only thing that's not convenient are the way company sending the receipt and membership report every month. They are still using courier to deliver house which is not applicable on this pandemic. I strongly believe that Blockchain can do an important changes on this weak spot of insurance industry.
I have an existing life insurance with an investment package included, I don't any idea about my records, transaction and other updates from them unless I will contact my insurance agent to inquire it for my self. Using blockchain for recording purposes will give a big help for all insurance client to tracks all the services they are paying. Honestly man, I'm just paying monthly premium just in case there's sudden accident or illness hit me to support me financially. Nice to see this thread and I support this idea.
I also have a life insurance for over 2 years now and just like you I dont have records or any updates regarding my insurance and im only relying to my agent if I have questions. If blockchain technology has an advantage for life insurance companies then adopting it would be a good idea not only for the companies but also for their insurance holder as well. Six blockchain use cases for health and life insurance companies
Moving towards interoperable, comprehensive health records
The added security and ability to establish trust between entities are two reasons why this technology can help solve the interoperability problem better than today’s existing technologies.
Supporting administrative and strategic imperatives with smart contracts
Blockchain could automatically collect records of agreements, transactions, and other valuable information sets, then link together the information and act on the data using smart contracts.
Detecting fraud more effectively
When fraudulent information is submitted to a life or health insurer via false claims, falsified applications, or other channels, smart contracts can help determine if the submission is indeed valid.
Improving provider directory accuracy
Unique provider directories could leverage the technology’s decentralized consensus protocols to allow providers and insurers to update listings more quickly and easily.
Simplifying the application process by making it more client-centric
Providing an easier-to-access, more comprehensive set of medical records on a blockchain could infuse comfort and peace of mind into what, for many, is now an intrusive and often discouraging application process.
Facilitating a dynamic insurer/client relationship
Electronic health records securely stored on a smart contract could be the foundation for integrating a wide variety of wellness-related behaviors into the insurer/client dynamic.
Source: https://www2.deloitte.com/us/en/pages/life-sciences-and-health-care/articles/blockchain-in-insurance.html
I have an existing life insurance with an investment package included, I don't any idea about my records, transaction and other updates from them unless I will contact my insurance agent to inquire it for my self. Using blockchain for recording purposes will give a big help for all insurance client to tracks all the services they are paying. Honestly man, I'm just paying monthly premium just in case there's sudden accident or illness hit me to support me financially. Nice to see this thread and I support this idea.
Six blockchain use cases for health and life insurance companies
Moving towards interoperable, comprehensive health records
The added security and ability to establish trust between entities are two reasons why this technology can help solve the interoperability problem better than today’s existing technologies.
Supporting administrative and strategic imperatives with smart contracts
Blockchain could automatically collect records of agreements, transactions, and other valuable information sets, then link together the information and act on the data using smart contracts.
Detecting fraud more effectively
When fraudulent information is submitted to a life or health insurer via false claims, falsified applications, or other channels, smart contracts can help determine if the submission is indeed valid.
Improving provider directory accuracy
Unique provider directories could leverage the technology’s decentralized consensus protocols to allow providers and insurers to update listings more quickly and easily.
Simplifying the application process by making it more client-centric
Providing an easier-to-access, more comprehensive set of medical records on a blockchain could infuse comfort and peace of mind into what, for many, is now an intrusive and often discouraging application process.
Facilitating a dynamic insurer/client relationship
Electronic health records securely stored on a smart contract could be the foundation for integrating a wide variety of wellness-related behaviors into the insurer/client dynamic.
Source: https://www2.deloitte.com/us/en/pages/life-sciences-and-health-care/articles/blockchain-in-insurance.html
Is this even possible? What are the benefits? Cryptocurrency price is not stable, today is higher than never before and tomorrow can drop a lot. Who is the one to win in this situation? Or it's a scheme not to cover your finances and taxes? I have insurance from average payout for life insurance and paid with cash only, after analysis the advised for me best face amount plant. From my perspective was very convenient. Never thought that somehow crypto could be involved and used for such services! Sounds doubtful but in the same time I know many will rejoice at such a choice.
The only way to pay now via crypto in some known insurance companies is when there's a app operated or registered in which country you are. There are no direct way yet to pay bitcoin without converting in fiat from big insurance companies but who knows soon when adoption evolves more. In my country those who pursue the importance of life insurance also posted some updates in BTC. Sooner it will develop till transaction became convenient and trusted. 
This is a good idea but, conflict may arise right? We are talking about insurance therefore there would be "something" to be in the middle to regulate the process of the insurance. How can we be sure that there will be no possibility of corruption? Please enlighten me. The management could hide an identity of benificiary. Also this would be long term, will the market value of crypto, since the market price is not consistent and for it being used in tbis insurance, will affect the benefit one would get?
The idea is great indeed. I do heard of such cryptorelated insurance before and there are just questions that I have in mind since it took my interest.
The idea is great indeed. I do heard of such cryptorelated insurance before and there are just questions that I have in mind since it took my interest.
cool !! it's really useful to insure in bitcoin, i would try it
But you are also running a big risk if you have to pay your contributions in bitcoins. I think it all depends on the salary you get. If you monthly money income is mostly coming in fiat currencies and you have to pay a fixed monthly contribution in bitcoins for your insurance you are running a big currency risk. Sure your pay pout will also be on bitcoins but you will have to make sure you can afford to pay all the premiums.
If I'm not wrong we've got a project based on the concept of cryptocurrencies into life insurance and other insurance needs. The project name seems to be insurepal. Now I checked with coinmarketcap, and found few other token projects associated with insurance and the insurepal is missing. This can be made effective with the involvement of large scale firms into the business.
It seems insurepal is now voucherforme in coinmarketcap. But the idea for having income protection is part of life insurance is indeed a good idea, their project if will fully utilized and will really be able to partner with top insurance and reliable companies can give a different impact in insurances. However, their project looks not yet updated. Good concepts that needs to have proper implementations. Once they succeed from collaborating into more top insurance
partnership this project will be booming in the long run.
It's always good to see projects that have usable venues even the progress are slow but if the team are really
working hard to make sure that everything is moving according to the roadmap, interest coming from investors
will be expected to come from time to time.
If I'm not wrong we've got a project based on the concept of cryptocurrencies into life insurance and other insurance needs. The project name seems to be insurepal. Now I checked with coinmarketcap, and found few other token projects associated with insurance and the insurepal is missing. This can be made effective with the involvement of large scale firms into the business.
In fact, I cannot afford insurance even for fiat money, but in fact the presence of cryptocurrency in my portfolio is by itself insurance for my life and the lives of my loved ones. With the long-term storage of all my assets, this will bring me a good profit, which I can use for any purpose. But nevertheless, if we talk on the introduction of cryptocurrency in the daily life of a human being, this implies the use of cryptocurrency in various areas of business, including in insurance companies.
It's good to have investment in cryptocurrency but will not want it to spend due to uncertainty, or better just make sure your love ones also know how to use cryptocurrency, or atleast teach one how to open and cashout in your wallet, make sure also they know what's your password or the seed. It is good to let your love ones know how to access it since something might happen to you like accident if we wanted to let our crypto be our insurance. In fact, I cannot afford insurance even for fiat money, but in fact the presence of cryptocurrency in my portfolio is by itself insurance for my life and the lives of my loved ones. With the long-term storage of all my assets, this will bring me a good profit, which I can use for any purpose. But nevertheless, if we talk on the introduction of cryptocurrency in the daily life of a human being, this implies the use of cryptocurrency in various areas of business, including in insurance companies.
It's good to have investment in cryptocurrency but will not want it to spend due to uncertainty, or better just make sure your love ones also know how to use cryptocurrency, or atleast teach one how to open and cashout in your wallet, make sure also they know what's your password or the seed. It is good to let your love ones know how to access it since something might happen to you like accident if we wanted to let our crypto be our insurance.
In fact, I cannot afford insurance even for fiat money, but in fact the presence of cryptocurrency in my portfolio is by itself insurance for my life and the lives of my loved ones. With the long-term storage of all my assets, this will bring me a good profit, which I can use for any purpose. But nevertheless, if we talk on the introduction of cryptocurrency in the daily life of a human being, this implies the use of cryptocurrency in various areas of business, including in insurance companies.
I think it will be risky to invest life insurance in crypto,we know how volatile crypto market. Investing in decentralized dont have assurance that it will grow and its risky.Many things you need to consider before you investing in life insurance even how project is good. Think 10 times before that.
Every year I buy a term life insurance, it didn't cost that much depending on your coverage some cost only $10 usd or less which I still hope I will not be going to use but just in case of accident. I prefer also having medical coverage that can be used for hospital bills. I didn't avail those costly plans it's just a backup just in case I'll be needing like what I have insurance for my car. It does not need to be in crypto base to have it. But if it will be blockchain based, those who are into crypto might get reason to avail their own Insurance. 
I think it will be risky to invest life insurance in crypto,we know how volatile crypto market. Investing in decentralized dont have assurance that it will grow and its risky.Many things you need to consider before you investing in life insurance even how project is good. Think 10 times before that.
Every year I buy a term life insurance, it didn't cost that much depending on your coverage some cost only $10 usd or less which I still hope I will not be going to use but just in case of accident. I prefer also having medical coverage that can be used for hospital bills. I didn't avail those costly plans it's just a backup just in case I'll be needing like what I have insurance for my car. It does not need to be in crypto base to have it. But if it will be blockchain based, those who are into crypto might get reason to avail their own Insurance. Jump to: