Block chain Technology is said to have the potential to change organizations as we move organizations to the "Internet of Value". Comment with respect to the Insurance Sector and how it can possibly re-organize itself to create value through Block chain. Include diagram of the Business Network. Comment on the Sector Viability. 

Through verifying insurance between corporations and financial companies, block chain technology has the potential to help automation claims operations. This will also streamline payments amongst parties for claims, lowering insurance firms' administrative expenses.

Step-by-step explanation

Through verifying insurance between corporations and financial companies, block chain technology has the potential to help automation claims operations. This will also streamline payments amongst parties for claims, lowering insurance firms' administrative expenses.

The advantages of blockchain in the insurance industry.
Although allowing data to be transferred in real-time amongst numerous parties in a trusted and traceable manner, distributed ledger technology will result in considerable efficiency advantages, efficiency gains, visibility, speedier payouts, and fraud reduction. Current insurance techniques may be able to use block chain technology to create better products and marketplaces.
Insurance carriers compete in a competitive marketplace where both retail and corporate consumers expect the maximum benefit and a superior online experience. In the insurance companies, blockchain technology represents an opportunity for good expansion and improvement.

Insurer Blockchain Application Cases
Block chain technology can be used in the insurance industry and for a variety of purposes, including:
High-value item registrations and warranties are available through:

For something like the benefit of all stakeholders, provide an immutable and verifiable record of product traceability.
Track the possession and claims of products in the market time, the same across borders.
Improve manufacturing efforts to combat insurance fraud by using better information and share it.

Anti-money laundering (AML) and know-your-customer (KYC) processes
Establish a tamper-proof repository of consumer data that can be safely exchanged between enterprises with blockchain.
This process of cooperation reduces the chance of error and duplication of work, maximizing the efficiency.
Enhance compliance and regulatory monitoring by increasing visibility of consumers' activities across institutions.

Goods that are based on indices (parametric products).

Blockchain has the potential to automate the majority, if not all, aspects of parametric insurance.
Put the logic of a policy in a smart contract and use an oracle (digital feed) to trigger execution when a preset loss occurs.
All transactions are settled and cleared without the need for manual involvement.
Catastrophic bonds and other insurance-linked securities (ILS), flight delay and cancellation security, and agricultural subsidies are all examples of simplified insurance.

Techniques of insurance
Primary insurance, reinsurers, brokers, and regulators may use blockchain to send encrypted information in real time.
Risk modeling, audits, and conformity checks can all be automated.
Bind risk and treaty towers to a single smart contract with a time stamp.

Management of accusations
Create a reliable, tamper-proof, industry-wide database of claims with blockchain.
Eliminate data silos to reduce claims fraud.
Allow clients to have more control over the information, particularly access permissions.

Techniques of dissemination
On such an online platform, block chain technology can: Coordinate the actions of various parties at a reasonable cost.
Allow users to have direct access to many carriers on the same site and manage multiple policies on the same platform.
Make premium or claim payment transactions quick, simple, and inexpensive.

P2P (peer-to-peer) models.
Conventional P2P arrangements, such as corresponding sides and mutuals, can be improved by using blockchain to automate chores and store funds in escrow on smart contracts.
Support novel peer-to-peer (P2P) models inside which policyholders judgement call is aligned and encouraged through cryptocurrencies and token staking.

Business Network Diagram

Please see attached file

Blockchain ledger Event ticket from A bought by B on June 2, 2016, 12:34:16 Delete ticket Online ticket portfolio (linked to, e.g., credit card) Ticket 1. Notify ticket A 3. Request fee transfer and provider and confirm price S 5. Check authenticity and ownership of ticket at event entry B Money 4. Transfer ticket ownership Online ticket portfolio (linked to, Continuously update 2. & 6. Verify ticket e.g., credit card) and replicate and ownership blockchain Add ticket Blockchain network (technical)

viability of the organization
Blockchain is a new technology that will improve the security of data collection and storage in the insurance sector. The usage of blockchain in the insurance industry may also result in more automation. Furthermore, marketing teams could identify marketing techniques that are tailored to their clients' needs, resulting in a better customer experience and relationship. Because blockchain-based smart contracts may simplify policy administration, improve customer satisfaction, and save costs, it's critical to think about how you can incorporate these ideas into your digital marketing plan right now!