Secure, agreed-upon and verifiable information can cut costs both at the point of purchase, when a homeowner makes a decision about an insurance provider, and when filing a claim. In fact, in 2016 63.8% of the premiums
earned by the homeowners insurance industry went to settling claims, adjusting claims, cost containment and other expenses. Some of these costs, like negotiating adjustments, could be reduced. The bulk of other costs like operating expenses could be streamlined as well. For example, this could be achieved through a blockchain-based premium collection system, and by greatly reducing advertising costs.
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