3. Insurance

While insurance has been vastly transformed over the centuries, the systems involved are still largely error-prone and very costly. Insurance fraud in the US is estimated to surpass 40 billion USD a year, with insurance claims denials in US hospitals alone costing 262 billion USD in 2017, according to a research brief by CBInsights. These numbers are just part of the big picture, as customers are also on the receiving end of these inefficiencies.

With the efficiency and security offered by blockchain technology, industry players are looking to reduce risk, paperwork, and fraud in transactions. Allianz Insurance has successfully implemented a ‘captive’ insurance prototype built on Hyperledger Fabric to improve corporate insurance transactions. Logistics giant Maersk recently started using Insurwave to manage 1,000 vessels and 500,000 digital ledger transactions.

Part of TraXion’s portfolio is Azurrance, a software service that enables policyholders to manage their insurance products and offers an IoT device to measure driving-related insurance. For policyholders like Ricardo, who manages a taxi fleet in a city prone to traffic accidents, accessing Azurrance on the blockchain will help him take better care of his drivers who weave through the city streets every day. Policy claims, risk estimation and insurance management will be easier for Ricardo to handle.

Ricardo, Jenalyn, and Ysabel are not the only ones who will benefit from TraXion’s lineup of blockchain-based solutions. Stay tuned for Part 2 where we tackle three more areas we’re improving with blockchain and how it will help people from different walks of life. In the meantime, you can keep track of our weekly updates on Facebook and Twitter and learn more about us and our current token sale at traxion.tech.