How Web 3.0 will transform the insurance sector?
For the longest time, the insurance industry has remained stagnant, with very few changes to the way things are done. But everything else in the world has changed, especially as a result of how fast technology is evolving. Facial recognition technology, for example, is now being used by law enforcement and chain retail outlets to improve existing security measures.
With people becoming more and more digitally connected, it makes sense for businesses to follow where their consumers go. Smartphones, tablets, and even wearable tech can all be harnessed to communicate with service providers–insurance providers included.
This is exactly what insurtech is trying to do. An offshoot of fintech, insurtech set out to change the business model that insurance companies are currently using. Insurance companies are used to handling volumes of information, but can’t process them quickly enough. To validate the insurance claims, insurance companies follow Web 2.0 processes where a human has to interact with machines.
Insurtech uses distributed databases and artificial intelligence, innovations similar to what Web 3.0 already uses.
Web 3.0, also known as the "Semantic Web," is built upon edge computing, machine learning and decentralized data architecture. The decentralization of data leverages blockchain technology that creates an open, secure and transparent environment, enabling participants on the network to interact without requiring an intermediary, while ensuring that data ownership resides with the users. Combined with artificial intelligence, the expectation is for web 3.0 to create efficiencies in the financial system and deliver a smarter user experience.
Differences between Web 1.0, Web 2.0, and Web 3.0
How WEB 3.0 will impact the insurance sector?
Since a very long time, both the insurance and banking sectors have witnessed backlash for being money-making entities. An image that they have been changing by utilizing the decentralized and transparent nature of Blockchain.
Web 3.0 mainly focuses on connecting data in a decentralised way, rather than having it stored in centralised repositories, with computers able to interpret information as intelligently as humans. As such, users and machines will be able to connect more seamlessly with data, meaning that artificial intelligence (AI) will play a crucial role in making this version of the internet more intelligent and powerful in terms of its ability to process information. Ultimately, this will enable machines to more granularly interpret the meaning behind the data—or its semantics—to deliver significantly smarter user experiences.
The technology is poised to make filing insurance claims and eliminating false claims a reality of Web 3.0. It will also open the world to the reality of Open Banking, something that has been seen as a distant dream since forever.
Benefits of Web 3.0 in Insurance:
Streamlined- Known as the foundation of Web 3.0 use cases in insurance delivery enables transparency in financial transactions. It simplifies underwriting, claims, reinsurance, and payment processes. Conditional events are triggered via smart contracts which are self-executing lines of code and because of such automation, several levels of third-party intermediaries.
Higher Security- The decentralization offered by WEB 3.0 provides high security in the insurance industry. Also, the insurance policyholders feel secure about their personal information staying safe in the hands of encrypted blocks on the blockchain.
Reduce Cost: Almost 15-25% fraud is projected to be eliminated with such a smart blockchain use case in the insurance business, which leads to conserving $10 billion across the insurance industry and will benefit the customer. Also. customers will have to pay lower insurance premiums as things go fast, trustworthy, and error-free.
Better data storage- The data saved on the blockchain distributed ledger is immutable, and hence it is the single point-of-truth upon which everyone relies. These data stores are reliable and are accessible in a secure manner. They are opening doors to real-time data for further cost-cuttings.
While we can’t predict precisely when Spatial Web maturity will arrive in the insurance sector as general but Artivatic.ai is leveraging the future power of web 3.0 to transform legacy insurance into digital, personalized, and customer-centric while considering the affordability of our clients.
Why Artivatic.ai is choosing to rely on Web 3.0 for this health & insurance exchange platform ASPIRE HEALTH:
Employee & Group Health Benefits rely on exchange of private /confidential information
There are many stakeholders are involved in this process as insures, employers, brokers and employees
Insures, brokers, employers and employees use multiple systems, emails, excel sheets, documents to get quote & benefits needed, consumes lots of time, efforts and delay the entire process, increases the risk of data and more.
Provider /Hospital /Pharmacy/Wellness/Doctors for employees on a single network to access information, consulting, and provide benefits in real time
Instant claims with universal health data access on Web 3.0
ASPIRE HEALTH is a SaaS Driven platform that allows a network to connect via single APIs and with driven workflow built on Web 3.0.
ASPIRE Health is aimed to be pioneer in the journey for shared health & insurer network. Wants to have demo for APSIRE Health, write to email@example.com
Artivatic Website: www.artivatic.ai