Big data, blockchain, artificial intelligence, cloud computing and other digital technologies have brought great changes to the insurance industry. The insurance industry has evolved beyond traditional online sales and customer acquisition methods to an insurance ecosystem that is redefined by technology.

In recent years, we can see that technology has reshaped industries such as finance, travel, and retail, but in the insurance industry, this change has only just begun.

Change

The traditional insurance industry has many shortcomings: Too many intermediaries, lengthy insurance agreements, ambiguous claim processes, and varying quality of insurers have restricted the development of the industry, and has affected society’s ability to hedge against risks. Based on blockchain technology, big data computing, and AI artificial intelligence, the BIG insurance platform, while retaining the core functions of traditional insurance, has completely discarded backwards and antiquated underlying framework of the past, while integrating cutting-edge technology into the construction of the BIG platform. Through blockchain and other advanced technologies, BIG has made massive improvement in customer communication, insurance pricing and claim settlement mechanisms, making BIG a benchmark for the industry as an insurance platform empowered by blockchain technology.

Simplifying the Complex

In the initial stage, the BIG platform will use artificial intelligence to match products with customers. Professional and customized answers will increase customer’s trust in the quality of BIG’s services. Even if you ask a question repeatedly, the artificial intelligence will still maintain its composure to present the customer with the best service.

Big data calculations will identify the past insurance history of each insured user, comprehensively calculating and analyzing the possibility of fraudulent insurance claims. This would improve the entire industry substantially, further reduce the maintenance expenses of the insurance platform, along with the user's insurance premiums. The combination of big data and artificial intelligence will give users the best insurance products, improving efficiency while simultaneously reducing costs.

The smart contracts on the blockchain will formulate the claim trigger clause before the insurance contract is signed. When a claim occurs, as long as the user fulfills the requirements outlined within the claim conditions, the case would be escalated up to the artificial intelligence system, which will verify the authenticity of the evidence submitted. If the claim appears fraudulent, the evaluation would be entered in the personal credit information block, which cannot be deleted once posted. This would have a definite impact on fraudulent behavior. When all the evidence is true, the claim mechanism is triggered, and the claim settlement will be credited to the designated account immediately without the need for manual processing.

In the medium to long term development of the platform, the BIG platform will allow users to freely assemble into a mutual trust community. In addition, with the role of a strategic partner in the traditional insurance industry, it can also provide the traditional functions for insurance products, such as professional product research and development, insured identity authentication, sales, underwriting, claims and accounting, etc., so as to meet emerging and changing insurance needs.

The BIG platform built on blockchain technology will be able to manage risk more efficiently, reduce the intermediaries of traditional insurance, lower the barriers to entry, provide sufficient liquidity, and provide accurate pricing for insurance products.

BIG has achieved a tremendous amount of success within the industry through digitalization, which has brought more possibilities to the insurance industry and benefitted more users in need. Although blockchain technology is not yet perfect at this stage, the “blockchain+ insurance" model is now widely adopted throughout the entire industry. The BIG platform will continue to explore more blockchain and artificial intelligence technologies, thereby allowing BIG to lead the new future of the insurance industry.