Acronis has partnered with Raxel Telematics. The new partnership with Raxel Telematics will extend the application of Acronis’ blockchain-based solutions such as Acronis Notary and Acronis ASign to the insurance industry and beyond, giving businesses powerful tools to validate important data.
The blockchain technology market is tipped to reach $7.74 billion by 2024, in response to the companies using blockchain as an electronic transaction-processing and record-keeping system. Distributed database architecture, strong encryption and decentralised management make blockchain a perfect engine to guarantee data authenticity in industries that fully rely on the integrity of the processed data.
“Smart contracts” powered by blockchain could provide customers and insurers with the means to manage claims in a transparent, responsive and irrefutable manner. Contracts and claims could be recorded onto a blockchain and be validated by the network; ensuring only valid claims are paid. For example, the blockchain would reject multiple claims for one accident by detecting that a claim has already been made. “Smart contracts” would also enforce the claims, for instance, triggering payments automatically when certain conditions are met and validated.
Within a shared economy, usage-based models and internet of things, connected customers will demand an improved user experience, based on digital insurance solutions. The golden opportunity to innovate—and the real challenge lie—in introducing new service concepts, and automating existing business processes and customer interactions, rather than in bringing new technologies to the general insurance market.