Taiwanese insurance customers with policies from multiple insurers can now update their personal information or file claims by applying through just one of their insurance companies, thanks to blockchain technology.
Eleven insurance companies and the Insurance Industry Claims Alliance Chain established a collaboration to facilitate information exchanges. The primary goal of the Alliance is to streamline applications and reduce redundancy. Among its members are Cathay Life Insurance, Taiwan Life Insurance, and Nan Shan Life Insurance, reported Taiwan News.
Starting 1 July, the Alliance started a six-month trial of the system.
The average Taiwanese owns 3.3 insurance policies. When individuals have to file insurance claims or change their personal information, repeating the application process with different companies is an inconvenience.
Policyholders need only ask one of their insurance companies to file an insurance claim or update their information, and the data will be synchronised simultaneously with other companies.