This week we have participated in the workshop on Insurtech organized by Globant and Alastria about this important sector and where the possibilities of using decentralized technologies such as blockchain or “TAPLE” to solve issues related to traceability or tokenization were discussed.

Blockchain technology has proven to be a revolutionary tool in various sectors, and the insurtech sector is not an exception. With its ability to provide transparency, security and efficiency in transactions, blockchain has captured the attention of insurance companies worldwide.

Transparency

In the insurtech sector, the use of blockchain technology has provided numerous advantages. One of the main advantages is transparency. The blockchain allows all parties involved in an insurance transaction to have access to the same information in real time. This eliminates the need for intermediaries and reduces the risk of fraud and misunderstandings. Customers can also easily verify the validity of insurance transactions and policies.

Security

Another feature is transaction security. The cryptography used in the blockchain ensures that transactions are secure and that personal and financial information is protected. This is especially important in the insurance sector, where confidentiality and data protection are crucial.

Efficiency

Automating processes through blockchain can streamline and simplify insurance claims and settlement procedures. Smart contracts, which are self-executing blockchain-based software, can automate the verification and execution of claims, reducing the need for human intervention and speeding up the payment process.