Blockchain and Smart Contracts for Insurance Industry
Rupa Khanna Malhotra, Chandan Gupta, Priya Jindal · 2022
Business should focus a wide range of customer engagement strategies to improve existing customer experience and hence increased customer retention that support customer's loyalty towards the brands, acquiring new customers that may impel the current market share and compete with competitors in the global economy. Creative and Innovations, cost increases, demanding customers, and disruptions are threats and challenges which are faced by insurance organizations. Blockchain technology can solve these problems by building up better business processes and business models. These business models will provide efficiency in dealing with customers, processes and intermediates, policyholders. These technologies can engage customers and enhance their satisfaction level. The advent of the internet and digital social technologies has resulted in some fascinating developments in communication and connectivity worldwide and it is providing a prospect for insurance companies to expand their customer base. As a result, the advancement of new generation digital technologies provides a variety of benefits to both insurance companies and consumers. Blockchain technologies can directly or indirectly improve customer satisfaction by engaging customers. Innovative products and solutions can be offered in this sector with low cost, fast solutions, and improved relationships for all the stockholders. This study is about how blockchain technologies can provide a see-change scenario in the insurance sector by providing enhanced customer satisfaction. Insurance companies can improve their competitive advantage by insighting into the market trends and stay afloat in the market by doing so. On the one hand, digital innovation technologies redesign the firm's outreach, while on the other, they improve customer satisfaction. In recent years, insurance companies have been investing more in various types of portfolio technologies to position their services in the minds of consumers.