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Insurers: Explore blockchain to cut crippling claim administration costs
The complexity of insurance means the claims process relies on efficient collaboration among a range of organizations and individuals. The chain of communication necessarily involves the customer and insurance provider—but it also involves other parties such as underwriters, brokers, and reinsurers. The number of links in the chain creates a lengthy process that increases the time required to process a claim and creates opportunities for regulatory failure. Blockchain is the technology poised to solve the problem due to its decentralization and smart contract functions, which can streamline the process and drive down operating costs.
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