Blockchain: A Potential Game-Changer for Life Insurance

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To examine blockchain’s potential role in insurance, this white paper explores ways the technology can help life insurers simplify death claims processing, a process that requires an already traumatized beneficiary to undergo a time-consuming activity to process basic claims. We examine where a blockchain-based solution can combine the current death registration and the death claims processes into a single, simplified procedure requiring minimum intervention from multiple stakeholders. Apart from focusing on claims processing, the white paper also evaluates through a few representative use cases – how life insurers can adopt and creatively leverage blockchain for automating reinsurance claims, processing subrogation claims payments and ensuring auditability.

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Toffee Insurance

Toffee Insurance is insurance for the new-age: simple, digitised policies built to fit your lifestyle. We cut out the headache of insurance because large, incomprehensive policies with vague inclusions and tons of exclusions should be a thing of the past. We’ve created jargon-free, no nonsense, all-digital insurance customised for modern lifestyles.

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