Our global economy has grown steadily in recent years, and an increase in income levels has driven the growth of consumer demand. Among them, the demand for health protection has seen a significant increase. However, the traditional insurance model is cumbersome, delivering a poor experience for users. A transformation and upgrade of the industry is imperative.
In 2020, an insurance platform that relies on blockchain technology, AI and big data started to receive attention from the mass markets. The aptly-named Blockchain Insurance Global (BIG for short) has created a new insurance platform, and has achieved a growth rate of 53% in 2020, reigning as the growth leader of the industry. By empowering the insurance industry with blockchain technology, BIG has allowed more users to enjoy higher efficiency and cost-savings, which has further affirmed that it is going in the right direction when it comes to improving the insurance industry.
Expanding Boundaries
The occurrence of the black swan event in 2020 has directed consumers’ attention to the need for risk protection brought by insurance products, which has driven up their demand for diversified and multi-level health protection. With the increase in market demand, BIG has had a fantastic year in 2020, and has also begun to consciously explore other business opportunities within the blockchain industry. With the inclusion of more products and services within the BIG ecosystem, the company hopes to reach out to a more diverse customer base that is receptive to new technologies.
There are many types of insurance, though generally they can be divided into two main categories, which are “General Insurance” and “Property Insurance”. The automobile industry is developing rapidly, and as the number of car owners increased year by year, the explosive development of the automobile peripheral industry follows. Whether it is fuel or new energy vehicles, auto insurance is an indispensable part of automobile consumption.
The BIG platform is currently focusing on the future prospects and existing issues of the automotive industry. It is expected that in 2022, the BIG platform will officially launch different types of auto commercial insurance. These insurances will also use blockchain technology in an attempt to improve upon the traditional insurance model to benefit more users.
In addition to the optimism surrounding the prospects of auto insurance, BIG is also optimistic about the tourism industry. The black swan event in 2020 has brought the entire industry to a crashing halt. When the world can travel freely again, BIG believes that the tourism industry will undergo an uptrend known as a “retaliatory consumption growth.” When that happens, there will be an explosive growth in demand for travel insurance, regardless of whether it is for trip cancellation, medical insurance, baggage and personal item loss insurance, or for group insurance purchased by travel agencies. The BIG platform is expected to launch various insurance products relating to travel insurance in the second half of 2022.
The concept of blockchain has gained increasing interest among the financial markets, with many proponents supporting its integration into the existing insurance model. The open and transparent nature of blockchain will completely subvert the current state of the insurance industry, allowing all insurance companies within the industry to synchronize and share public data with one another. Better data collaboration may mean better services and performance.
Industry insiders predict that blockchain technology will become an effective technical means of supervision in the future. By integrating the existing systems of insurance institutions into blockchain networks, regulators can query the data changes of insurance institutions in real time, such as policyholder risk information, policy data, claims data, capital data, etc. Through the deployment of supervision nodes, business risks and illegal operations can be discovered in a timely manner.
The BIG platform is reshaping the insurance industry by relying on technologies such as blockchain, big data and artificial intelligence. The contradiction between consumer demand for comprehensive risk protection and the limited supply of insurance products will be effectively alleviated; this will not only improve the level of welfare for consumers, but has also brought about new development opportunities for BIG insurance.
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