Blockchain Insurance Global Achieves Tremendous Progress in Digitizing the Insurance Industry

02-26 Azcentral

The influence of Internet technology in the insurance industry has continued to increase in recent years. As a new form of insurance sales and services, online insurance has had a profound impact on the insurance industry. New technologies will eventually effect new changes. With the popularity of blockchain technology exploding in recent years, the development of online insurance is progressing more smoothly than ever. It is estimated that China's online premiums will reach 2.5 trillion yuan within 10 years, equivalent to half of the insurance market.

In the face of such a huge emerging market, the BIG team, which has been deeply involved in blockchain technology for many years, has finally achieved the integration of blockchain and online insurance using its prior experience in the insurance industry. "Blockchain empowers the insurance industry, and insurance empowers the digital future." BIG will empower the insurance industry, thereby creating the ecosystem of the future.

Focusing on Customer Experience

BIG insurance focuses on user needs. After years of operations in the insurance industry, BIG has analyzed the issues within the insurance industry from an objective and comprehensive perspective. Cumbersome identity authentication processes, high marketing costs, high premiums, lack of transparency leading to lack of trust, long underwriting and claim settlement time, and the problem of agents misleading consumers have seriously affected customers in the insurance industry.

When insuring is carried out on the BIG platform, the procedure detailing the insurance underwriting and claim settlement processes will be written into a smart contract code, which will be executed automatically to avoid possible inefficiencies caused by human operations. The BIG insurance platform can uniquely and accurately record the identity information of the insured and store it in the blockchain through its identification modules. No matter how many insurance packages from different companies you buy, or if you have bought multiple types of insurance from the BIG platform, you will only need to authenticate your particulars once via the BIG platform. There is no need to provide other proof of identity when making a claim.

Most claim settlements are completed within a few minutes through the automatic claims function of the BIG insurance platform (via the automatic execution of smart contracts). For claims that cannot be settled automatically, a manual claims process will be initiated. The identity of the insured, all claim requests, account information, and big data and anti-fraud analysis results will be provided to an employee for manual processing, thereby greatly shortening the claim settlement time, while improving the claim settlement experience for the insured.

Personalized Service Offerings

Through 10 years of hard work and research, the BIG platform has accumulated insurance-related data of more than 3 million users. Through professional analysis and survey, the BIG platform has found that younger groups have grown increasingly accepting of emerging insurance types. By focusing on innovative research and development, the BIG group, which specializes in technology-driven growth, has created an insurance platform that can be fully customizable and scalable. As young users who pay attention to personalization gradually become the main consumer group for insurance, BIG’s customizable and scalable platform will be the perfect solution for their insurance needs.

The BIG insurance platform can also provide third-party insurance companies with additional services relating to product research and development, identity verification of insurance applicants, sales and underwriting, claims, accounting and policy discounting, etc. to respond to the ever-changing insurance needs.

The BIG platform is already at the forefront of the insurance industry. Relying on blockchain, Internet of Things and artificial intelligence technologies, the BIG insurance platform is expected to realize the dividends brought about by technological advancement to explore greater value within the industry in the future.

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