Traditional insurance procedures involve many fraud schemes such as shared insurance plans, human-caused errors, misleading information, hiding important details, and more. In the US, insurance fraud causes $308.6 billion in loss to consumers.
Blockchain based life insurance app offer several advantages, including streamlined processes, enhanced data security, fraud prevention, and improved customer experience. By leveraging distributed ledger technology, policy information claims history, and customer records can be securely stored on the blockchain. This eliminates the risk of data manipulation or loss and provides a transparent and auditable record of all transactions. Developing a blockchain insurance platform for your company will help you in decreasing fraudulent activities and provide personalized services to clients.
Consult the top blockchain insurance platform development company to create your own decentralized insurance platform today.
At Suffescom, our team of blockchain developers adds innovative features that help in providing improved services to clients and smooth business operations. Explore what we include in our blockchain insurance solutions.
With smart contract development, automate claim settlements, offer secure uploading of claim-related documents, and simplify the assessment and verification process.
No need for intermediaries or third parties to exchange information between the insurer and the person claiming the insurance, facilitating easy claim settlements.
The AI and machine learning enabled system gives personalized pricing based on the historical data provided by the user.
A group of insureds pools their capital and insurance premiums to provide insurance against a risk without the need for intermediaries.
Blockchain insurance solutions allow you to offer a variety of coverage to users, including renter, pet, auto, life insurance, and more.
Develop and incorporate multi-signature wallets to enhance security and require multiple approvals for significant transactions.
Makes the verification process transparent, and tamper-proof with blockchain KYC verification removing the need to visit physically.
Blockchain timestamped proof to claims, insurance documents, customer data, and more, providing a secured proof of data existence.
There are many use cases of blockchain in the insurance industry. Blockchain-based insurance platforms help organizations in every sphere of business offerings and operations. From claim settlement to detecting fraud, blockchain insurance platforms can be molded to offer any services.
On-demand insurance model lets customers turn insurance coverage on or off at their convenience. Smart contracts on the blockchain automatically generate policies based on predetermined conditions, coverage limits, time duration, etc., allowing for seamless and immediate coverage when needed.
Blockchain insurance app development creates a platform where information stays confidential and secured in a blockchain network. All shared data between insurers and hospitals is encrypted and easily accessible at the same time creating a more convenient and efficient health insurance system.
Blockchain life insurance app quickens the life insurance claims process. All parties involved in a life insurance claim, like hospitals, government officials, etc., access data easily & automate manually filed claims with smart contracts, allowing for greater trust between insurer and insured.
Multiple parties are involved in reinsurance requiring a lengthy transaction of information between parties. Blockchain streamlines workflows between the insurer and the policyholders. Blockchain insurance solutions update information in each party’s system at the same time.
A blockchain insurance system allows users to have a quick payout in cases of claims. The blockchain transparently and securely records the data, allowing both parties to have access to the insurance information required to settle a claim as quickly as possible.
Blockchain in copyright management systems is designed to provide a registry of copyrights. It offers immutable proof of the period of existence and other intellectual rights, thus helping individuals or businesses manage and protect copyrights.
Our team designs, develops, and deploys blockchain insurance platforms with top-notch features and a user-friendly interface. Talk to our experts and up-level your business by integrating blockchain into your insurance operations.
The benefits of developing a blockchain insurance platform for your business are much more profitable than you can imagine.
Blockchain's transparency and immutability deter fraud attempts and make detecting and investigating fraudulent claims easier.
Blockchain's cryptographic features and decentralized nature make it highly secure, reducing the risk of fraud in insurance claims and other procedures.
Leveraging blockchain facilitates direct interactions, eliminating the need for intermediaries and reducing associated expenses.
By automating processes, reducing paperwork, and eliminating intermediaries, blockchain can lead to significant cost savings for insurance companies.
Blockchain allows insurers to offer policies and services globally, facilitating cross-border insurance transactions and expanding market reach.
No need to hire people to check the insurance conditions and complete all the formalities; blockchain insurance platforms offer a seamless payout.
Suffescom is a reputable blockchain insurance platform development company offering quality results every time. We work with the best professional team who work with the latest tech stack to build your high performing decentralized insurance system.
As a top blockchain development company, we specialize in multiple blockchain frameworks to be able to cater to every client's requirement.
Ethereum
Bitcoin
Hyperledger
Multichain
Quorum
Solana
Our team of blockchain developers has a strong hold over multiple programming languages to be able to create the most viable solution.
Solidity
Golang
C++
C
.NET
JAVA
Python
PHP
Swift
We create impressive interfaces to improve user experience and maintain the high performance of the platform.
Kafka
Vanilla JS
Node JS
Express JS
Docker
Zookeeper
Truffle
MIST
WEB3 JS
Angular JS
React
Simplicity
We create a highly rewarding result using the best combination of technologies, including the most effective database.
IPFS
MongoDB
Couch DB
We work with only the best cloud platforms that offer the most compatibility for every client’s project requirements.
AWS
IBM Bluemix
ETH BAAS
Kaleido Insights
At Suffescom, we follow a step-by-step development procedure that lets our developers stay focused and provide results with maximum productivity.
Firstly, we gather platform requirements, including features, third-party integrations, APIs, blockchain platforms, and more.
On your preferred blockchain network, we develop smart contracts to automate workflows like claims handling and payment processes.
An attractive and captivating interface ensures that the platform is easy to use, secure, and compatible across various devices.
We launch the platform across various devices and platforms. We ensure to launch your platform within the time frame discussed during the consultation.
Conduct multiple tests on the platform to ensure its functionality, performance, and security. Also, we test the smart contacts for various scenarios.
We develop your blockchain insurance platform on the selected blockchain network with the latest features, tools, technologies, and frameworks.
The application of blockchain technology in the insurance industry has already created several successful ventures. Suffescom follows in the footsteps of successful blockchain insurance providers to give you a platform that stands in competition with some of the best ones in the industry.
Tiereon is known for its powerful insurance system that tracks every step of the process. It records every piece of information throughout the process on the blockchain network, including varying data, files, claims and more.
Our team boasts 6+ years of expertise in blockchain technology, having successfully developed and deployed numerous blockchain projects. Our extensive experience positions us as a trusted partner capable of harnessing the full potential of blockchain to benefit your insurance business.
We take pride in our ability to craft bespoke blockchain solutions that align precisely with the insurance business's unique requirements. No two insurance companies are exactly alike, and we recognize the importance of tailoring our solutions to address your specific challenges and goals.
Over the years, we have built a solid reputation in the blockchain sector with the successful delivery of blockchain projects, case studies, and glowing client testimonials. We are proud of our history of client satisfaction and the measurable impact we have made in the insurance industry.
We understand the insurance industry is evolving. So, we craft solutions with future-proofing in mind. Our solutions are built to accommodate growth and adapt to changing market conditions. Our futuristic approach ensures that the blockchain insurance platform remains valuable in the long term.
Top-rated blockchain insurance app development questions we have been asked countless times.
The average cost of building a blockchain insurance platform starts at $20,000. However, this is a rough estimate. The cost can vary depending on the complexity of your project. Consult our experts at Suffescom today to know the exact cost.
From automated claim processing, reduced administrative costs, fraud mitigation, and less human error to increased security, blockchain insurance platform comes with a lot of benefits.
Our highly skilled developers offer technical support, software updates, and training to ensure the smooth operation of the blockchain insurance platform.
Our pool of developers builds your blockchain based insurance app within 4-15 weeks, depending on your platform requirements and needs.
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