Blockchain Data and Car Insurance | Amigo MGA

9/9/2021

Blockchain Data and Car Insurance | Amigo MGA General Insurance

AMIGO MGA

BLOG

Amigo MGA General Insurance HOME

BLOG

Blockchain Data and Car Insurance September 9, 2021 by Amigo MGA (Edit)

The insurance industry has been working hard to stay up to date with modern technology. Already the industry is making use of predictive analytics to help create customized plans. This raises the question of how blockchain technology can help the industry. A blockchain is a way to securely store information. The highlight of this method would be the inability to change data once it has been established. In other words – hacking and malicious attempts at alterations will not work. Smart Contracts Smart contracts are but one of the ways that blockchain data and car insurance companies have found a perfect balance. Contracts are a part of daily life – especially for insurance companies. A smart contract is simply a more advanced version of the original. In this instance, they are digitally signed and stored through secure digital means (blockchain data). All parties involved in the contract, including the neutral third party, can access this data. Due to the digital nature of smart contracts, it allows for a certain amount of automation. A computer can look at the contract, and if the terms have been met, activate the appropriate next step. Advantages of Blockchain Data Many advantages come from blockchain technology, including the information already mentioned in the section above. Digital contracts allow for ease of access – both for the insurers and the insured. In turn, this helps erase confusion, increase communication, and, more importantly – ensure accurate information. For example, fraudulent claims will dwindle, as all relevant data will be stored in one location. To put it another way, it’ll be simpler than ever to catch fraudulent claims.

amigomga-insurance.net/blockchain-data-and-car-insurance/

1/3

9/9/2021

Blockchain Data and Car Insurance | Amigo MGA General Insurance

The customer will also have higher levels of protection, as the data will be stored with a neutral third party. This will help ensure that the insurance companies hold up their end of the deal and leave avenues for

AMIGO MGA

BLOGthings do not happen according to plan. when Insurance companies can use this ready access to data to store client details, going beyond what is typical these days. Data such as driving habits, traffic records, and accidents can all be easily (and safely) stored in one location. While that may not sound like a significant advantage – it is. All of the data being in one place would further encourage customized plans, which would once again benefit both parties. Filed Under: Amigo MGA, Auto Insurance Tagged With: Alan Rasof, Amigo, Amigo MGA, Amigo MGA LLC, auto insurance, autoinsurance, best practices, blockchain, blockchain data, car insurance, deductible, general insurance, insurance, insurance policies, insurance tech, personal insurance, self-driving cars

Secondary Sidebar Widget Area

Primary Sidebar Widget Area

This is the Secondary

add content to this area by visiting your Widgets

Sidebar Widget Area. You

Panel and adding new widgets to this area.

This is the Primary Sidebar Widget Area. You can

can add content to this area by visiting your Widgets Panel and adding new widgets to this area.

MORE ABOUT AMIGO MGA Amigo MGA

CNN TOP STORIES Can't wait for Apple's event? Here are the best smartphones to buy right now

Best Practices These credit cards are offering the best limited-time bonuses in September A video doorbell is a home security must-have: Here are 3 you should buy We spent August testing dozens of products: Here are 25 we loved 21 expert-approve tailgate essentials you'll want to buy ASAP

amigomga-insurance.net/blockchain-data-and-car-insurance/

2/3

9/9/2021

Blockchain Data and Car Insurance | Amigo MGA General Insurance