KSI-based solutions for insurersAs our society becomes increasingly reliant on everything digital, the significance of Insurance in the cyber domain also increases by the day. Guardtime offers a host of KSI-based solutions that help insurance companies to better run their business and offer various cyber-related services. From supporting reinsurance standards, insurance policies and claims, new cyber liability policies, subrogation, regulatory compliance, to connected vehicle and health-care sectors.
In the insurance domain, the blockchain has the potential to eliminate fraud by providing a means for independent verification of policies and claims, displacing the roles of a trusted third party for preventing duplicate transactions and providing a verifiable public record of all transactions (without violating data privacy). In the US alone medicare fraud, including false billings, tampered documents and fake identities stretches into the billions of dollars. An independent record of all transactions has the potential to stop this fraud in its tracks.
Why we selected Guardtime for DIA Amsterdam?Guardtime uses blockchain technology, to verify data and prove that it's trustworthy. It has created a network that citizens, private companies, and the government can access to verify information on it. While similar to bitcoin's network, it is distinct and in fact predates the original bitcoin white paper. Guardtime can ensure complete detection, accountability and auditability.
In the traditional approach for insurance firms, when assessing risk, there is no central, trusted database to turn to. Providing verification is a real game-changer.