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.
Recommended News
-
First Crypto Fraud Case in Australia Involving $800K in Stolen Assets Filed to Federal Court
An Australian cryptocurrency company is being sued in federal court for fraud in what is believed to be the first case of its kind in the country. According to a report by ABC News on Sunday, French national Alexandre Raffin, 28, has brought a compensation claim against crypto company Modern Assets Australia for an alleged breach in duty of care. Raffin claims Modern Assets and its directors, Jonathan Allison and Carlo Sciubba, failed in their obligation to him as an intermediary in facilitating an exchange of cash for a South Korean cryptocurrency…
-
The Node: Beeple Sold Out. So What?
Not long after Mike Winkelmann, aka Beeple, received his $53 million in ether (ETH, +3.76%) (ETH) for selling a non-fungible token (NFT) through Christie’s (after fees), he reportedly converted the cryptocurrency into fiat. What was seen as a vote of confidence for this new technological medium – it was the third-largest art sale ever, right behind Jeff Koons’ “Rabbit” and David Hockney’s “Portrait of an Artist (Pool With Two Figures)” – might now be seen as a betrayal. He quite literally sold out. Beeple told The New Yorker on Monday, “I’m not remotely a crypto-purist. I was…
-
MeRace | FunBall, the first metaverse competitive game of MeRace, will be online officially on January 20, 2022
Recently, the metaverse competitive ecological platform MeRace announced that FunBall, its first large-scale 3D metaverse football competitive game, will start closed beta test on Jan. 20 and will open its qualification to white list users. The game is expected to enter the internal test stage on Feb. 10 and will start public test stage on March 10. The upsurge belonging to FunBall has started. Professional teams research and develop There will be rich game content FunBall is the first metaverse concept game under MeRace, which is different from the relatively simple same concept game in the market. FunBall has made great efforts in game…
-
What Is BitClout? The Social Media Experiment Sparking Controversy on Twitter
Prominent users of Crypto Twitter have suddenly discovered they have another profile on a new social network called BitClout, except over there some people are buying and selling tokens representing their identities. It does not matter whether the people behind those profiles have ever touched the social network. “The core insight behind BitClout is that if you can mix speculation and content together, you can not only get a 10x product that creates innovative ways for creators to monetize, but you also get a new business model that’s not ad-driven…
-
AI screening mechanism? Future? A dream? Maybe it can come together! A meta-universe may be facilitated? NFT Frenzy! Connecting reality! !
Source Origin Coin, a group of coins built by enthusiasts and tech junkies. What the future looks like, we can’t be sure, but now we can start exploring! The virtual world has been positioned in a way that is not recognised by most in the real world, including admittedly the leading virtual coin world, Bitcoin. Source hopes that it can dovetail the virtual world with the real world and change this through its own special mechanism and philosophy. To contribute to the promotion and popularity of the virtual world….
-
Ether Trailing Bitcoin Since CME Futures Launch: Technical Analysis
The outperformance of ether (ETH) over the past year relative to bitcoin (BTC) appears to have reversed since the Chicago-based commodities exchange CME launched its new ether futures contract in early February, an analysis of chart patterns shows. ETH put in a relative bottom versus BTC around the end of 2019. The near 700% increase in ETH versus BTC’s 500% rise over the past year could reflect investor enthusiasm for decentralized finance (DeFi), which seeks to transform traditional financial products in a decentralized manner and largely sits atop the Ethereum blockchain. ETH has underperformed…
-
The first year of the blockchain: Consensus Alliance enters the blockchain industry
Blockchain technology is derived from Bitcoin, as people know more about blockchain technology, the blockchain industry is also undergoing great changes. Whether at the level of capital or innovation, blockchain has always been a hot word in 2016. The technical characteristics of distributed general ledger, encryption algorithm and programmability based on blockchain are regarded as the cornerstone of future digital society. Blockchain is expected to lead human society to evolve from information Internet to value Internet. Even, this most subversive technology after the Internet is likely to set off…
-
Since ONP launched the liquidity mining policy on January 21, 2021,
Since ONP launched the liquidity mining policy on January 21, 2021, the 48-hour-accumulated liquidity-pool pledge volume has exceeded USD 1,000,000. According to the latest news, the entire aggregated decentralized oracle network – ONP (Oracle Network Protocol) has kicked off the liquidity mining policy upon Uniswap Exchange on January 21, 2021. And the total 48-hour accumulated liquidity pool has been more than USD 1,000,000. ONP (OracleNetworkProtocol) is an aggregated decentralized oracle network based on the theories of Chainlink and Bandprotocol, which can realize safe, smooth and high-efficiency information-data interconnections between block-chain and the reality, as well…
-
US Inflation Rate Accelerates in February, Could Go Higher as Economy Reheats
The U.S. Consumer Price Index (CPI) rose 0.4% in February, leaving it up 1.7% over the last 12 months, in line with economists’ expectations, a Labor Department report Wednesday showed. The 12-month rate represents an acceleration from January’s 1.4% clip, a pickup partly driven by higher gasoline prices, which rose 6.9% in February, accounting for over half of the seasonally adjusted increase in the all-items index, according to the Labor Department’s Bureau of Labor Statistics. Core CPI, which excludes food and energy prices, rose 0.1% in February, the report showed. That level was…
-
Longbow Capital led a $5 million funding round for Modern, a Canadian blockchain project.
Modern, a distributed mobile network transmission protocol based on blockchain +5G, has announced the start of its financing plan, according to the company’s official announcement. Longbow Capital, a Canadian private equity firm, will lead the financing, which is expected to raise $5 million, according to a number of leaks. Longbow Capital is a private equity investment management firm that invests in the energy and technology sector. It focuses on companies that help bring energy to the world in the most efficient, cost effective and environmentally responsible way. The company was…