Can Blockchain give a twist to the Travel Insurance?
Dec 10, 2017 Posted / 1834 Views
Exploration has its own way to rejuvenate one's mind and soul. One cannot ask for more, when you have a vacation planned to travel and explore the world. Travelling is something which soothes everyone's mind, not only it gives a relaxation from a hectic life but we can connect to the world spiritually as well. Imagine, a long vacation which you have been planning with your loved one’s or just for yourself, has finally come true. Many thoughts pour out of our to-do list which we keep planned aside in our mind, so that one day when we get time from our life full of hustle and bustle, we can just fulfill them. But, no one in his scariest dreams might expect any annoyance during travelling. That is why travel insurance companies have come up with quite assuring policies which one can take up while traveling, if in any case some uncalled situation comes up at the time of travelling. But will it not it be a good choice to include blockchain for travel insurance companies.
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A hard core assurance of money invested in such insurance policies and faith is all we need the most. Delay of flights, missing luggage, personal accident cover, trip cancellations etc are various points covered by the travel insurance companies. Blockchain being the best mechanism for giving a transparent atmosphere for such insurance policies, can discard the errors and flaws of the insurance industries. A quick claim settlement during such times gives a sigh of relief. By implementing blockchain companies can make good use of blockchain to resolve flight delay issues which is extremely frustrating for travellers, and the complex process some travel insurers put their policyholders go through just to make a claim makes it even more irked up. Blockchain -a kind of distributed ledger that can synchronize the data across several websites of airlines, can make it easy to issue the claims made by the passengers.
Blockchain’s supporters claim that it is a very safe, decentralized, and intrusion-proof, which can permit travel insurers to make fully automated payouts for passengers who get affected by flight delays.
Blockchain’s automation and transparency can offer the medium to disintermediate the market with a peer-to-peer risk platform that aids insurance return to its roots as society’s safety net. Blockchain also advantageous to insurers, as it can possibly cut down on red tape and contour economically all the business procedures. It discards the need for damage assessment as well as greatly lessens the opportunities for insurance scams. It also makes the procedures more transparent, as already the policyholders know that the amount they will get in case of an event, like for example a flight delay, which aids to prevent disputes over the payout amounts.
Applancer is an open platform for discussion on all things like Blockchain , Cryptocurrency and Ico news updates. As such, the opinions expressed in this article are the author's own and do not necessarily reflect the view of Applancer .
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