The first session of the training course on blockchain for senior directors of the insurance industry was held at IRC.

In this training course, the application of blockchain in the insurance industry was discussed. The information sharing and exchange and decentralized supervision and governance, were mentioned as the main goals of using blockchain, according to PRIAO, IRC.

Storing information with no deletion, manipulation, and compensation was also highlighted as one of the major objectives of exploiting blockchain in the insurance industry.

The blockchain technology reduces costs, risks, and fraud in underwriting operations and accelerates the relevant procedures and ensures safety. The other benefits of blockchain for the insurers are application of encrypted codes, creation of blocks, and distributablity.

According to this report, in the US, approximately 10% of the health claims are fraudulent. This is estimated to be around $115 billion. In the UK also fraud costs 3 billion for the insurance companies and this has increased the premiums for 5%. However, according to some estimates, in 30% of cases in various lines, fraud could occur and blockchain promises to hugely decrease this number.