Standard Bank Explores Blockchain Application In Insurance

Standard Bank Explores Blockchain Application In Insurance

As of the time of reporting, the Standard Bank is exploring the use of blockchain technology in delivering motor vehicle insurance claims. According to Digital Head, Deepesh Thomas, blockchain will significantly increase transparency in the insurance industry for both insurers and customers.

The blockchain allows us to automate the process, reduce costs of claims, track previous claim behaviour, and integrate it with the service provider. Both the insurer and the customer have visibility to the entire value chain as a result,” said Deepesh Thomas to ITWeb Africa in an interview.

As a result of the Covid-19 pandemic, the big four banks in South Africa have launched insurance products online. As example, Standard Bank Insurance recently started offering life insurance online.

In addition, the bank in question has made significant investments in an insurance platform based on the software-as-a-service model. The platform will make it possible for the bank to innovate and run product tests within weeks. When compared to conventional platforms across the country, this platform will speed up the customization and implementation process. This will turn out to be a great innovation in the country. It will greatly benefit those who have already embraced digital currencies for their daily transactions.

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