InsChain is a non-profit foundation established in Singapore. The insChain platform is the world’s first customizable and extendable insurance ecosystem based on blockchain, Internet of Things (IoT) and artificial intelligence. We are dedicated to reshaping the insurance ecology, transforming the traditional insurance mechanism through technology, and providing the insurance users, agents, brokers and other market participants with a more secure and low-cost ecosystem. InsChain is a blockchain insurtech project founded by senior actuaries, risk managers and other experts in insurance, investment, statistics and big data. In its early stage, insChain has attracted the interest of many investment institutions including well-known domestic and overseas enterprises and large funds.
Insurtech emerged as a result of the rapid developments in big data, cloud computing, internet of things, artificial intelligence and blockchain in recent years, and of the voluntary adoption of these technologies by established market players. The insurance industry has entered a new era of its evolution with significant progress in its many aspects. Although still in its infant stage, with its board application, insurtech will surely deliver the silver bullet to the future of the insurance industry.
Insurtech is being rigorously adopted by all market participants。 Firstly, existing players are rigorously seeking transformations. Many large insurance companies in China, such as Ping An and China Life, have reorganized their IT department into data center or technology platform, whose functions are shifting from back-office technological support to driving core business flow. Secondly, specialized Internet insurance companies start to emerge. Generally characterized by a flat organization structure, these companies, such as Zhongan Online, build core systems with data mining, processing and storage capabilities based on big data and cloud computing, and operate with improved efficiency and individualized services.
Furthermore, Internet giants are making strategic entrances into the insurance market. Powerhouses like Alibaba, Baidu, Tencent and jd.com are leveraging their advantages in user traffic data in their cooperation with insurance companies or establishing insurance operations on their own. Lastly, third-party platforms are also showing great interest in market shares. Many technology companies, armed with technological advantages, are collectively improving the diversity of the insurance ecosystem by developing products focused on niche markets or customized to distribution channels and by providing insurance services.
Business flow penetrated; insurance sales, products and service enter a “new era”. Technologies brings about changed in the insurance industry. Starting with sales, where penetration by technology is the highest, by the end of 2016, 76% of insurance companies had conducted sales activities, such as product exhibition, price comparison, precision marketing and O2O (online and offline) commerce, through official website, mobile APP and collaboration with third-party platforms.
Next, insurtech has reshaped the product space. With the help of big data and cloud computing technologies, the market welcomes a number of individualized products such as critical illness insurance and cancer protection insurance with low premiums and high coverage.
Lastly, insurance technology provides new experience in the service space. Insurance is a financial service industry; and its core value is service. In recent years, the wide application of insurance technologies greatly improved the service standard and quality in the industry.
With respect to the difficulties in settling claims, through increased application of technology, services such as self-service claim, quick compensation and flash compensation were widely adopted.
insChain is such a world-leading customizable and extendable insurance ecosystem based on blockchain, Internet of Things (IoT) and artificial intelligence. Our smart insurance platform enables the application layer of insurance functions and is blockchain infrastructure-neutral (including but not limited to ethercom, fabric, BCOS, ChinaLedger and other public chains and alliance chains). With technology at its core, insChain transforms traditional insurance business flow. By ways of digitalizing insurance products and modularizing business process, it improves efficiency and production, returns values to its users and investors, and creates a new industry order.
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Source: https://medium.com/@inschain/inschain-leader-in-insurtech-77326186592e