The insurance business is no stranger to digital transformation. Tech-enabled innovations such as artificial intelligence, Internet of things and machine learning are revolutionizing how businesses operate in this connected world. Blockchain, in particular, may present long-term benefits and opportunities to insurance customers because of its protective standards.

While insurance has historically been considered a low-tech space, the need for enhanced risk mitigation has yielded a notable interest in leveraging technology to improve customer experiences.

Here, we discuss four ways blockchain technology can increase customer satisfaction and help create more trust between them and their insurers.

Improving Security

Blockchain technology can aid in risk prevention and provide an enhanced level of security for insurance customers. A shared ledger allows for collaboration between insurers to securely maintain and share confidential records.

Reducing Costs

Given that blockchain improves data sharing capabilities, it also reduces costs that are typically associated with slow operations, high error rates and heightened cyber vulnerabilities. By automating processes, insurers and their customers benefit from the cost savings that come with faster claim processing and reduced premiums.

Increasing Efficiency

Blockchain technology streamlines the steps required to securely execute contracts, maintain records, process payments and authenticate identification. This new level of efficiency enhances the customer experience, while improving standard operating procedures across the insurance industry.

Increase Transparency

Blockchain’s database technology promotes new levels of transparency and accountability on the part of insurance companies. Customers can feel good about the tamper-proof audit trail that blockchain creates, which leaves no room for data deletions and changes.

Learn more about how blockchain can increase customer satisfaction in the insurance industry and how our affiliate, Doeren Mayhew Insurance Group, can help you achieve your coverage goals by visiting their website here.