Blockchain for Pet Insurance.

Everything is getting updated for the fast and accurate process why not our pet insurance?

Have you ever think of it?

Let’s start

Today we are going to talk about new technology for our furry friend's Health Insurance.

Blockchain is a new technology that “has quickly become a fixation in the financial services industry” due to its potential for “Disintermediation, and Improved reconciliation of data. The pet insurance industry has a deserved reputation for conservatism.

The common insurance industry is uniquely positioned to benefit from blockchain technology”, which can help deliver on key digital opportunities to cut costs, increase efficiency, enhance customer experience, and improve data quality, collection, and analytics. Through innovation, insurance companies can grow market share, gain competitive advantages, and create an integrated approach for higher-quality service.

We desire to start pet insurance in blockchain technology to get all these facilities and advantages for our furry friends.

As a rudimentary use case, a blockchain could be used to pay packages that have been selected and claim more cheaply per transaction. As a more sophisticated engagement, a blockchain could function as a shared database between different insurers and the pet owners. Blockchain enabling new insurance practices represents a more radical implementation of the new technology by conducting actual insurance over smart contracts and decentralized applications. Savings, efficiencies, and other benefits may result. It is not in itself an application of blockchain technology, but a drive to extend pet insurance capacity to the infrastructure that is growing up around distributed ledgers. Some use cases with regard to pet insurance being enhanced by and having new practices enabled by blockchain are described in the following pages.

Fraud is a major bugbear of all insurance industry including pet Insurance. Higher costs due to false or exaggerated claims end up being paid by honest pet parents. By enabling better coordination between insurers, blockchain can help the pet insurance combat fraud. A blockchain-enabled shared database, with various levels of access and control, would enable insurers to eliminate double-booking or processing multiple claims from the same health issues establish ownership of high-value items through digital certificates and so reduce counterfeiting, and reduce premium change.

Blockchain enabling new pet insurance practices is about using smart contracts and decentralized Apps to conduct actual insurance with blockchain accounts. What is more, the low cost of smart contracts and their transactions means that products will be more efficient and strong. And the peer-to-peer network helps Enhancing efficiency and reduced costs through shared, distributed processing and data management, Increased speed of settlement, Increased resilience through no single point of failure.

Pet Insurance with and on the blockchain can transform the industry. The ability to break down data silos and move toward decentralization of information and power will save on costs and time while proving data quality. Smart contracts and oracles will allow new products to be developed that will better serve the needs of pets and pet parents.

Bienvenue dans l’univers Laeka! Une startup ayant pour ambition de mettre la révolutionnaire technologie Blockchain au service de nos animaux !