The Indian insurance industry is turning to blockchain to improve data sharing, reduce fraud, increase transparency, and save costs
Blockchain can create a secure and transparent network of data sharing among stakeholders, automate claims processing, and reduce the possibility of fraud, leading to faster and more efficient claims processing
However, challenges such as a lack of regulatory clarity, limited technical expertise, and standardisation issues need to be addressed to ensure the widespread adoption of blockchain in the insurance industry
The Indian insurance industry is constantly seeking ways to improve its operations and enhance its customers’ experiences. With an eye on emerging technologies, the industry has turned its attention to blockchain, a distributed ledger technology that can improve data sharing, reduce fraud, and increase transparency. According to reports, the global blockchain market is projected to grow at a CAGR of approximately 85.9% between 2022 and 2030. However, while such numbers indicate the benefits of blockchain, there are also challenges that must be addressed to ensure its widespread adoption.