Life Insurance and Blockchain - page 6.

rodskee

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Quote from: Wapfika on July 19, 2020, 10:25:21 AM

The Key Benefits that this Companies mentioned above are the ff:

3.Help in Fraud Detection
As, a decentralized public ledger, it provides historical data that will help insurers to detect fraudulent activities will help to validate the authenticity of claims, customers and the transactions.

This one is really important as history from this kind of investment business,
there's chances that inside job might take place
With the help of blockchain and decentralized system the act can easily be
detected as mentioned.
It will change the perceptions of those investors who will fully understand the
desire of this new system,
Looking forward that it will properly executed and this form of investment
will proceed to successions.

Shasha80

sr. member

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If you are just ordinary workers do not face the risk of death. You should avoid joining life insurance, because it is less useful you will
continue to pay the insurance premium. Without getting benefits in the short term, it's better money to pay for insurance used to invest
in cryptocurrency is much more feels the benefits. Regarding life insurance, right now can received payment for contributions with crypto,
which is pretty good news in my opinion.Cryptocurrency has begun to be adopted by life insurance, hopefully cryptocurrency is adopted
by other fields as well.

serjent05

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Sounds like an agenda to me. It does not increase the benefits of the client investing on the Life Insurance. All those stated benefits/enhancement can be done even without the use of Blockchain technology/cryptocurrency. All in all, the idea is about riding the trend of the blockchain technology just to produce hype or cater interest to the client.

Wapfika

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Quote from: target on July 21, 2020, 04:56:48 PM

Its not that simple. When it comes to life insurance, authorities are always going to be involved because verifying the truth of information is needed. There will always be an investigation, the insurance company won't just take your report just because its what you report to them.

Life Insurance in the blockchain is hard to achieve. The project will just add more fraud in the industry if its not coordinated with authorities, projects like this don't have to be decentralized.

It will not really be easy and there is a need for coordination between different government agencies. It will only be possible in some countries who are open for adoption of blockchain since this will require their government datas, to show transparency and coordinated verification of the claims. If the government will let this happen, the system will verify the claims as it will detect the database of hospitals, police records and records of death. Only advance countries and big insurance company can make it possible in the future.

target

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Its not that simple. When it comes to life insurance, authorities are always going to be involved because verifying the truth of information is needed. There will always be an investigation, the insurance company won't just take your report just because its what you report to them.

Life Insurance in the blockchain is hard to achieve. The project will just add more fraud in the industry if its not coordinated with authorities, projects like this don't have to be decentralized.

ene1980

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Quote from: Wapfika on July 19, 2020, 10:25:21 AM

1. Fast Claim Processing
In insurance, blockchain can simplify claims processing for the nominee. Once the insurer verifies the claim, it will be recorded on blockchain to trigger the right contract execution.

Introducing a blockchain will not change the verification process as it will be done manually and you are bound to get the right contract execution irrespective of blockchain.

Quote from: Wapfika on July 19, 2020, 10:25:21 AM

2. Instant Fund Disbursement
The interaction between insurers and policyholders will become more direct during the claim process. With technology advancement backed by blockchain, insurers will be able to transfer claim proceeds directly into customers’ digital wallets.

Even now it s transferred in customers bank wallet, i do no want to see a situation where every company starts their own token because it defeats the purpose of bitcoin.

The only thing that will improve is the data quality but if they are using their own blockchain then there is no security on that aspect too as they can manipulate the data if they are the central authority powering the blockchain.

Naida_BR

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Life insurances is one of the most profitable sector in the global economy.
However, I don't think that it can work inside a blockchain. It needs an ecosystem with physical control so this way it will be centralized and it will not have any difference from the traditional life insurance sector.

jseverson

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I actually am a fan of life insurance, and would suggest that people avail of it if they can. I do have concerns of where blockchain technology comes into play here though.

Quote from: Wapfika on July 19, 2020, 10:25:21 AM

1. Fast Claim Processing
In insurance, blockchain can simplify claims processing for the nominee. Once the insurer verifies the claim, it will be recorded on blockchain to trigger the right contract execution.

Is it really this simple? Insurers are going to conduct their own investigations into claims to prevent fraud regardless, so I'm not sure how a blockchain will speed up the process. Their existing private systems should process things just as quickly after verification.

Quote from: Wapfika on July 19, 2020, 10:25:21 AM

3.Help in Fraud Detection
As, a decentralized public ledger, it provides historical data that will help insurers to detect fraudulent activities will help to validate the authenticity of claims, customers and the transactions.

What kind of info will they be keeping on the blockchain? What kind of fraudulent activities will have to be monitored here? I could only come up with health records off the top of my head, and I'm pretty sure it's illegal and unethical to publicize that information. I'm not sure how I feel about everyone potentially knowing about my insurance claims either.

Some other users have already pointed it out, but it kinda feels like a gimmick.

erikoy

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Quote from: ?? on ??

The above points are much more helpful in ensuring the benefits of blockchain technology By verifying these we will be able to manage the insurance side better Crypto is a good platform for long-term investments. They are more prone to fraud in insurance There is no long-term guarantee The customer is much harmed But in the case of crypto there is a lot to believe that even if the price goes down it will go up again.

Both are risky actually but insurance also offers good benefits like if being a member can use the medical benefits, travel benefits or other ways that an insurance surely offer. In most cases it is medical insurance because many are aware that it is costly getting sick nowadays. Hospitalization is one of the highest expenses that one may spend.

In regards to crypto this may beat up inflation rate as it seems that time passes by coin market price goes along with it too increasing its market price though still risk is present because it can go either way up or down in terms of market price.

Wapfika

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Quote from: mezzaluna on July 20, 2020, 03:26:57 PM

These are really good points to consider because you are investing on that you can use in the long run and not just any platforms that promotes other things like entertainment. Life insurances must be backed by a really good information since they are investing for their lives. People wont easily trust that just because its Cryptocurrency. They need assurance that they can really use when they really need it.

Yes, insurance companies should think out of the box to protect lives of people not just to get money from people. That's why there is a need for people to understand the use of blockchain and how it can show transparency, but there is a need for cooperation of many government agencies to make it happen like what MetLife plans that it will be process in a way that it will be recorded in government files may it be a claim for hospitalization, illness, accident or death. There will be no investigator in between that may deny the claim but only those in hospital, police and the documents section were it might posted deceased needs to be encode to verify the claim. It's somehow far impossible in the moment as many didn't know yet blockchain or cryptocurrency but also didn't want the idea of life insurance.

mezzaluna

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Quote from: Wapfika on July 19, 2020, 10:25:21 AM

The Key Benefits that this Companies mentioned above are the ff:

1. Fast Claim Processing
In insurance, blockchain can simplify claims processing for the nominee. Once the insurer verifies the claim, it will be recorded on blockchain to trigger the right contract execution.

2. Instant Fund Disbursement
The interaction between insurers and policyholders will become more direct during the claim process. With technology advancement backed by blockchain, insurers will be able to transfer claim proceeds directly into customers’ digital wallets.

3.Help in Fraud Detection
As, a decentralized public ledger, it provides historical data that will help insurers to detect fraudulent activities will help to validate the authenticity of claims, customers and the transactions.

4. Reduce Administrative Cost
Blockchain automated verification of policyholder identity will reduce administrative cost.

5. Ensure Transparency
The blockchain platform can generate new data streams that will provide updated and relevant information for speedier claims processing.

6. Improve Data Quality
Blockchain will improve the data quality of front-end and back-end office sources.

If they will all be successful in developing and implementing their plans, this can be a game changer in different Life Insurance companies.

These are really good points to consider because you are investing on that you can use in the long run and not just any platforms that promotes other things like entertainment. Life insurances must be backed by a really good information since they are investing for their lives. People wont easily trust that just because its Cryptocurrency. They need assurance that they can really use when they really need it.

Beparanf

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Quote from: bearexin on July 20, 2020, 12:55:18 PM

I see a lot of companies that are doing as much as possible to use the Blockchain and improve in a lot of ways. But as the second comment have pointed out, there is really nothing interesting in all these things that they mention.

If they are going to talk about making payments, I don’t know for other countries, but Bitcoin wouldn’t be the fastest option, and other cryptocurrencies wouldn’t be as fast as well since you’re still going to have to move that money to your bank account, so why don’t they just send that money to the bank then, than letting you pay extra fees for confirmation while selling your cryptocurrency to get it in your bank? I don’t know for other people, but I don’t look much into these things, they don’t bother me much.

Not only about in payment but also OP mentioned plans of companies in using blockchain. I see the advantage of automatic detection that once you were put Deceased in the government record, will also detect whether that person have existing insurance and your family wil let you know this. We see some applications form insurance in my father's document but not the main policy contract and details about his agent, so we don't know if my father really avails policy before, up to now we still didn't process it since there are many requirements, if goods if it will be decentralised. even it will not affect much the price of cryptocurrencies.

bearexin

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I see a lot of companies that are doing as much as possible to use the Blockchain and improve in a lot of ways. But as the second comment have pointed out, there is really nothing interesting in all these things that they mention.

If they are going to talk about making payments, I don’t know for other countries, but Bitcoin wouldn’t be the fastest option, and other cryptocurrencies wouldn’t be as fast as well since you’re still going to have to move that money to your bank account, so why don’t they just send that money to the bank then, than letting you pay extra fees for confirmation while selling your cryptocurrency to get it in your bank? I don’t know for other people, but I don’t look much into these things, they don’t bother me much.

mu_enrico

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Quote from: erikoy on July 20, 2020, 12:08:49 PM

Well others think that insurance is an investment where one can keep their money in them and over time one can be paid with interest and has the benefits also when one joins like the health benefit expenses if a member will get hospitalized and more.

It is true that this is not an investment but some of those hose who invite always says that this is an investment and the gains/profit will be in the future. This is how really difficult to understan an insurance/investment.

Dude, insurance doesn't have "interests." You pay a premium to get some type of protection (it can be life, health, property, etc.). That's it.

The problem with unit-linked insurance products is, you are also paying for the fund managers' fees while it isn't scientifically proven that they can beat/time the market.

For example, unit-linked life insurance costs $4,500/year: the premium costs $3,000/year, and the investment plan costs $1,500/year with (x% management fees + x% buy/sell charge). Why don't you put $1,500/year into something else that costs you nothing? e.g., Bitcoin, or self-managed stocks. Some exchanges still give you 0% trading fees if you do limit order.

erikoy

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Quote from: mu_enrico on July 20, 2020, 11:58:13 AM

AFAIK, life insurance isn't a form of investment but a hedge because users cannot get rich from joining some insurance products. Anyways, I'm not a fan of mixing (1) protection with (2) investment or called unit-linked insurance plan. Usually, insurance companies delegate the investment fund into fund managers. This scenario often leads to inefficiency (too many fees) and mismanagement. Insurance companies should be specialized in protection or insurance policy (only).

About crypto usage in this topic, I have no comment since I'm skeptical about the "blockchain and not bitcoin" things.

Well others think that insurance is an investment where one can keep their money in them and over time one can be paid with interest and has the benefits also when one joins like the health benefit expenses if a member will get hospitalized and more.

It is true that this is not an investment but some of those hose who invite always says that this is an investment and the gains/profit will be in the future. This is how really difficult to understan an insurance/investment.

mu_enrico

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AFAIK, life insurance isn't a form of investment but a hedge because users cannot get rich from joining some insurance products. Anyways, I'm not a fan of mixing (1) protection with (2) investment or called unit-linked insurance plan. Usually, insurance companies delegate the investment fund into fund managers. This scenario often leads to inefficiency (too many fees) and mismanagement. Insurance companies should be specialized in protection or insurance policy (only).

About crypto usage in this topic, I have no comment since I'm skeptical about the "blockchain and not bitcoin" things.

Wapfika

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Quote from: shoreno on July 20, 2020, 08:28:07 AM

Quote from: Natalim on July 20, 2020, 07:53:24 AM

I am hoping to avail this kind of insurance in the future, it's my first time to know it as I wasn't really looking for an insurance now.
But, for transparency sake, I think insurance using the blockchain provide that to us, and if it's easy to claim and to avail it, this should grow and gain massive adoption in the future, it looks like the world is about to change already, from centralized to now decentralized.

if you didnt see this post , you wont know the benefits of insurances right ? but now that you know , why make such excuse ? . we wont know if how long we will live in this world so its better that we started a plan like this as early as possible . in that way our funds already grewed alot and we dont need to worry for ourselves or to the people that we will be leaving . also we cant say that world is changing from centralized to decentralized just because of this but its too early for those . majority of businesses like this are still operating on a classic technology

Yes, having life insurance if we still have means to pay it now should be a priority especially this time of Covid, if you still have job and thinks it will not be part of recession as well you have families that depends on you, then Life Insurance is a must. The investment portion in some VUL plans are just bonus that will help us to invest in future plans we wanted thru compound interest. The main reason is Having health and life insurance now at these Pandemic can help us if ever we got infected which we hope not but it's better to have it policies, than look for it when we can't no longer be accepted.

The development in insurance getting into decentralised platform will take time and will only be possible if the people in a country is aiming to have it.

shoreno

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Quote from: Natalim on July 20, 2020, 07:53:24 AM

I am hoping to avail this kind of insurance in the future, it's my first time to know it as I wasn't really looking for an insurance now.
But, for transparency sake, I think insurance using the blockchain provide that to us, and if it's easy to claim and to avail it, this should grow and gain massive adoption in the future, it looks like the world is about to change already, from centralized to now decentralized.

if you didnt see this post , you wont know the benefits of insurances right ? but now that you know , why make such excuse ? . we wont know if how long we will live in this world so its better that we started a plan like this as early as possible . in that way our funds already grewed alot and we dont need to worry for ourselves or to the people that we will be leaving . also we cant say that world is changing from centralized to decentralized just because of this but its too early for those . majority of businesses like this are still operating on a classic technology

Natalim

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I am hoping to avail this kind of insurance in the future, it's my first time to know it as I wasn't really looking for an insurance now.
But, for transparency sake, I think insurance using the blockchain provide that to us, and if it's easy to claim and to avail it, this should grow and gain massive adoption in the future, it looks like the world is about to change already, from centralized to now decentralized.

Kelvinid

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People don't really want life insurance, a sad reality. And this is likely to see that Life Insurance companies integration to blockchain and accept crypto for payment is less possible with that case.

A lot of reason why people don't push themselves and get interested in life insurance,

*delays( mostly it takes months to process depending on the situation)
*many don't care about their future but to rely what they have now
*Some companies don't give what they have promised that it affects people to think that they are all the same.
*negative feedback

Topic: Life Insurance and Blockchain - page 6. (Read 1093 times)