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Is your insurance data ready for blockchain technology?

Blockchain technology is here and could fundamentally change the way in which leading insurance institutions conduct their business. With increased computer power, breakthroughs in cryptography, and the discovery and use of new algorithms comes great responsibility.

The distributed digital ledgers created by the technology are revolutionising how information is gathered and communicated. They provide a way of managing and securing digital relationships and transactions as part of a system or record created within a layer of the internet.

But how many insurance businesses are ready? To tap into this ground-breaking and possibly game-changing technology, all documentation needs to be in a digital format. Paper documentation is not easy to update and manipulate and is no longer cost-effective. Having all papers scanned and turned into digital copies is key to modernisation, and gets your business ready for the adoption of technologies like Blockchain and the distributed digital ledger.

Blockchain is the world's leading software platform for digital assets. It is a decentralised, distributed database that is used to maintain a continuously growing list of records. It is used to record transactions across many computers so that the record cannot be altered retroactively without the alteration of all subsequent blocks and the consensus of the network - thus providing excellent immutability and hence high levels of security.

Not only do Blockchains eliminate security risks associated with centrally held data, but they are particularly suitable for records management activities, identity management, transaction processing and documenting provenance.

For example, a blockchain accelerator would manage the transfer of ownership of any digital or physical asset (house, vehicle, equity etc.) through registration in the blockchain register. The identity of the seller and buyer, the unique identifier of the asset and the timestamp associated with the transaction are guaranteed and cannot be modified.

Other costly processes can also be streamlined with solutions being developed to facilitate the automation of premium calculations, appraisal management and the settlement of some claims, whilst ensuring end-user transparency. Audit trails become clearer too with access to claims, and claims histories, also becoming more transparent.

So where to start? Accurate data input is crucial to the speedy management of insurance claims forms. By scanning claims forms and extracting the data straight into your claims handling software, this part of the process can be streamlined and avoids inaccuracies due to human error.

Once scanned, information flows easily from one area of your business to another. Files can be checked out, sent digitally and incorporated into automated workflows so that valuable time is not wasted. Information can be extracted and integrated into a distributed digital ledger at a later date. The important thing is that it is all digitised.

Restore Scan is able to support insurance companies with their move to full digitisation and has proven expertise. At one of our existing insurance client scanning sites, our team scan approximately 21,000 pieces of incoming claim forms and related documentation from brokers and underwriters each month and upload them into the client's underwriting system within four hours of receipt. Speed, accuracy, reliability and flexibility are guaranteed.

The key document scanning services we provide to the insurance sector include: claim forms scanning, slip scanning and back archive scanning. Taking the step to outsource these jobs to a recognised industry supplier, like Restore Scan, means time can otherwise be spent on preparing your business for the digital future ahead.

Getting your data ready for the future is crucial. Getting on-board with blockchain technology is profitable. Getting in touch with Restore Scan is the way to go.


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