🪪 Proof of Insurance

Simplify insurance coverage verification

GM, GM!

You know how we break down the Web3 use cases every week in 4.3 minutes:

Nobody likes insurance, but somehow we still need it…

Some industries require specific insurances, like a business interruption insurance or industrial special risks insurance.

Do you know, if your company has the matching insurance for this new client you are talking to?

Well, most of the time you don’t.

And to get to know this, you have to slack through your whole organization, to find the right answer and the proper document.

And be sure, that this document is only available in paper form.

The same applies to private insurance, such as for cars.

US-based insurer Nationwide Insurance has launched a pilot project to digitize insurance coverage verification on the blockchain.

This initial proof of concept will run on the new RiskStream platform.

RiskStream is the first blockchain framework from the industry-led, insurance-focused consortium The Institutes RiskStream Collaborative.

The platform provides insurers with real-time verification of insurance coverage.

It enables business partners to efficiently verify proof of insurance without relying on paper forms.

It also provides insurers with a streamlined and cost-effective way to provide proof of insurance.

In the future, it will enable trusted, third-party-verified proof of insurance to be shared with the tap of a finger on a mobile device.

RiskStream runs on Canopy, built specifically for the financial and insurance industries.

The first use case is auto insurance.

But there's a lot more to come in the industrial and B2B sectors.

It is crucial that insurance relationships are clearly regulated and that each party can rely on them.

A solution that optimizes this process has a good chance in the market.

Maybe you're in a highly regulated industry that requires special insurance or certifications.

In that case, a blockchain-based platform could also be a solution.

The important thing here is that all parties agree on a standard and trust it.

This can be the blockchain, but it can also be a "classic" cloud platform.

Just because blockchains exist does not mean that they have to be used for every problem. 😉

But whatever technology you choose, the advantage in this use case is that many companies from the same industry are working together on a standard.

This means that there is only one solution that everyone agrees on.

➡️ If you are working on an industry-wide solution, make sure to get as many companies on board as possible.

By the way, if there was an insurance that protected children from colds, I would sign it right away. 🥴

I'm going to make some tea... 🫖

See you next week!

PS:
If you are not enjoying these mails, just forward it to a person you hate. 😉