Use Case for Insurance
INSURANCE
Insurance is a very traditional industry. It knows many manual processes and moves at slow speeds. The customer experience is often lacking and for anyone to claim, effect endorsements or to certify that he or she is insured the industry still relies on paper processes. Although customer interfaces are starting to improve the back-end systems of the industry and their connectivity and management remains very traditional, centralised and expensive.
Insurance is probably one of the better use cases for new technology such as DLT and AI. What is required however is new standardisation. The current standards such as the ACORD standards have been developed for use in a different era and are not designed to benefit from the benefits that current data management can bring the industry. DLT technology will allow participants in the value chain to work of a shared database at much higher speeds, lower costs and an improved customer experience. Metis has designed several insurance products and has implemented several for insurers and other underwriters.