The advantages of blockchain | Insurance business in America

Cybercriminals had a clear advantage this year. With relentless waves of ransomware attacks, data privacy is a top priority for the insurance industry.

Enter LifeHash, a company that leverages technology to improve the claims lifecycle. Founded in 2021, CEO Stuart Menzies and CTO Gary McKee have created a platform using blockchain technology that provides clients and insurers with a transparent and secure method of handling claims in real time.

For many, understanding blockchain technology is an alien concept, but LifeHash takes that tension away from the industry, helping to integrate blockchain into their business model using their live claim app.

Protecting policyholder data is much easier with the adoption of blockchain. The application of LifeHash not only provides an additional layer of security, but it also speeds up the claims process, as policyholders can immediately document as much information as possible at the time of a claim.

“The current claims process is taking a tremendous amount of time,” Menzies said. “Our application is fast and secure. “

LifeHash’s solution captures important data early on, such as collision information from a mobile device or proof of ownership records, links and stores it securely and transparently using public blockchain networks . These records are fully verifiable and can be used to verify steps in the assurance process.

“There are two types of blockchains,” Menzies explained. “There is the public side where anyone can participate in the verification process, then there is the private side where IT products are centralized entities, where the blockchain can be turned on and off whenever they want. ”

The strength of a public solution is that it can take advantage of the immense security and transparency of large blockchain networks, like Bitcoin. These networks have proven themselves and are likely to exist for decades to come. Private networks, on the other hand, rely heavily on central control and, in this regard, are not much different from a regular database.

The interesting nature of public blockchain technology and the way LifeHash implements it in its platform is that the company cannot see data sent by customers to insurance companies due to double encryption.

“We mainly use blockchain technology to facilitate the exchange of information. We receive an encrypted file and re-encrypt it so that the end user can securely access and store the data. We can improve the verification of sensitive data with smart solutions enabled by blockchain technology, ”noted Menzies. “We are essentially trying to improve the handling and confidentiality of data. “

McKee added, “One of the great benefits of blockchain is encryption, and we will be using blockchain-based encryption to record assets, images and video files so that only the customer and the insurer can access it. these informations.

“I strongly believe in the immutability of blockchain and combining this with insurance claims and the data collected during this process is a given. We improve user privacy and make the complaints process as easy as possible.

The LifeHash app improves the efficiency of collecting witness statements, proof of ownership or periodic inspections, digitally filling gaps in the insurance claim process with blockchain as it consolidates a single point of truth for all of the information.

“When information is linked into a consistent database, it’s easier to prove to insurers,” Menzies said. “The advantage of blockchain for insurers is that it is definitive. The photo uploaded to LifeHash can be verified through our solutions to confirm that it is from the customer who is related to the policy and any other information submitted through the app. Structuring the complaints process with such a solution also decreases the risk of fraud.

Blockchain provides the tools to enable decentralized data security. “We have combined the best of a public blockchain with privatized assets, so you can easily verify if the information is legitimate,” McKee added.

“I still think we’re in the early days of blockchain adoption,” McKee noted. “And although the technology has surpassed many others in terms of the speed of development, if we take a step back, we are able to use existing blockchain technology in a way that is efficient, economical and without the other issues. legacy platforms can have.

According to Menzies, if insurance companies invest in a live claims application, they are essentially going to insure themselves. The transparent and verifiable data that can be delivered with a blockchain solution, offers an extremely reliable and objective way to store information and gives insurers and the insured something to rely on.

“We use every part of blockchain technology in a fundamental way for the insurance claims process,” McKee said.

In an industry heavily weighted by legacy processing, blockchain mitigates cybersecurity risks and gives customers a more secure way to file a complaint.

LifeHash’s innovative and customizable application enables a seamless transition of information between insurer and policyholder. Insurance companies can integrate their own APIs into the platform so that businesses can easily take the first step in the evolution of claims handling and data security.

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Co-founders Stuart Menzies and Gary McKee worked together to create a platform that enables both efficiency and security using blockchain technology. Menzies, CEO has extensive experience in military and protection services. McKee, CTO has over seven years of experience with DigiByte Global Blockchain as a full stack engineer.

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