LONDON--(BUSINESS WIRE)--Blockchain technology can help efficiently and safely share data, process claims, and prevent fraud in the insurance industry. However, the implementation and inception of blockchain in insurance are still in the early stages. Additionally, companies in the insurance industry still have a long way to go in terms of actively working with industry players to figure out the best ways to navigate the potential challenges of blockchain technology.

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Not only does blockchain offer the promise of cost reduction and efficiency, but it could also enable revenue growth, as insurers attract new business through higher-quality service, says an insurance industry expert at Infiniti Research.

One of the most notable tech trends, blockchain technology, is a distributed, peer-to-peer ledger of records called blocks that is virtually incorruptible. In the insurance industry, this technology offers the promise of cost reduction and efficiency. Higher-quality service and the aspect of self-management help insurers attract new businesses. The applications of blockchain in insurance are expected to revamp the way the insurance industry functions. Although it is in the early stages of inception and implementation, there are many benefits to successfully implementing blockchain technology in the insurance industry. In their recent blog, Infinitis experts discuss four key benefits of employing blockchain in the insurance industry.

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Infinitis experts identified the following four benefits of blockchain in the insurance industry:

About Infiniti Research

Established in 2003, Infiniti Research is a leading market intelligence company providing smart solutions to address your business challenges. Infiniti Research studies markets in more than 100 countries to help analyze competitive activity, see beyond market disruptions, and develop intelligent business strategies. To know more, visit: https://www.infinitiresearch.com/about-us

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Will Blockchain Become the Next 'Game-Changer' for the Insurance Industry? | Infiniti's Industry Experts Provide In-Depth Insights - Business Wire