Article
Blockchain in Insurance
Why should you care?
Blockchain in Insurance
![Why should you care? - infographic](/content/dam/Deloitte/ca/Images/infographic_images/block-chain-in-insurance/16-4269M-Blockchain-Insurance-Infographic-ENG-1.jpg)
Given its ambitious potential to drive simplicity and efficiency through the establishment of new financial services infrastructure and processes, this technology is rapidly gathering momentum within the insurance industry.
![VC-backed Bitcoin and blockchain - infographic](/content/dam/Deloitte/ca/Images/infographic_images/block-chain-in-insurance/16-4269M-Blockchain-Insurance-Infographic-ENG-2.jpg)
New insurance processes and business models built on blockchain will call into question current orthodoxies and challenge multiple pain points that are prevalent across the value chain.
![Current pain points - infographic](/content/dam/Deloitte/ca/Images/infographic_images/block-chain-in-insurance/16-4269M-Blockchain-Insurance-Infographic-ENG-3.jpg)
Within underwriting, the technology can help reduce costs, improve risk assessment, and enhance client onboarding.
![P&C insurance underwriting impacts Risk assessment - infographic](/content/dam/Deloitte/ca/Images/infographic_images/block-chain-in-insurance/16-4269M-Blockchain-Insurance-Infographic-ENG-4.jpg)
Similarly, the technology can fundamentally alter claims submission processes to reduce fraud and improve customer experience.
![P&C insurance claims processing impacts Claim registration - infographic](/content/dam/Deloitte/ca/Images/infographic_images/block-chain-in-insurance/16-4269M-Blockchain-Insurance-Infographic-ENG-5.jpg)
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