Enabling Blockchain Transformation for the Insurance Industry
The insurance process is a complex system that requires layers of data processing, authentication and administrative tasks. The cost to enroll and to claim an insurance policy is an age-old challenge of the industry. Blockchain has redefined insurance systems by automating actor-dependent roles, such as verifiers and Know Your Customer (KYC) processes, that lead to greater efficiency. DynaQuest designs and develops a Blockchain architecture to fit unique insurance processes or integrate existing Blockchain-as-a-Service (BaaS) platforms to fit insurance firm operations.
Change Management for InsurTech
The move from the current insurance system to Blockchain requires a thorough strategy that encompasses various levels of change management from executive to department participation. DynaQuest guides insurance providers in their Blockchain transformation journey in order to harness the innovative benefits of Blockchain through a comprehensive and well-defined strategy based on the change management approach: from process mapping, systems development use case building, development and deployment of the Blockchain framework.
Blockchain Pilot &
Solution for Insurance
Use Case Overview
Client’s Information is entered into the system
Policies are easier to retrieve and process at the event of a claim
Client Insurance Information is stored in the Distributed Ledger
Insurance Policy is Stored as Code through Smart Contracts
Client Information and Insurance Policy are Stored into the Distributed Ledger
Smart Contracts are tied with Client Information
All client-related KYC information update are written across the ledger and are easier to audit
Blockchain Pilot & Solution for Healthcare
Use Case Overview
Client’s Information is entered into the system
Insurance Policy is Stored as Code through Smart Contracts
Client Insurance Information is stored in the Distributed Ledger
Policies are easier to retrieve and process at the event of a claim
Client Information and Insurance Policy are Stored into the Distributed Ledger
Smart Contracts are tied with Client Information
All client-related KYC information update are written across the ledger and are easier to audit
Lower practice and
insurance process costs
Optimize old processes to
make way a more streamlined process
that is built on automation; therefore,
eliminating redundancy
Defense against fraudulent insurance
claims through a detection system
based on data verification over an
immutable registry where the first
signs of fraud are instantly detected
Scaling with collaboration challenges
with blockchain’s efficient information
processing and optimized processes
can scale with the challenges of
collaboration
Other InsurTech Services
INSURANCE INFORMATION
SYSTEM
The development of Information Systems to modernize insurance firms to enable efficiency and greater process collaboration.
DIGITAL CHANGE
MANAGEMENT
A full-scale change management program allows insurance firms to adopt a digital infrastructure in preparation for the digital disruption that is happening in the industry. This is a fully managed approach that engages executives, the IT infrastructure and the various departments.
INSURANCE INFORMATION
STACK INTEGRATION
A unification solution to bring together the insurance firm’s fragmented platform of communications, email, documentation, knowledgebase storage and client engagement through the development of an Insurance System stack that allows integration of these services to allow greater efficiency on the insurance practice.
In the time of industry disruption, DynaQuest can work with your organization to explore future market opportunities.
Let’s talk possibilities
