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Finding Homeowners Insurance with Blockchain

Getting the right insurance for the right price can be a major hassle, but lifting the curtains on the insurance market can make a huge difference for buyers.
Stay informed to save you time, money and headaches
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Stay informed to save you time, money and headaches
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Stay informed to save you time, money and headaches
Purchasing homeowners insurance can be a confusing process to protect a major investment, and the stakes are even higher when filing a claim for serious damage. With the costs of premiums going up, blockchain technology can streamline industry processes for savings, make payouts faster, and even enable alternative, peer network insurance in communities.
Costs Savings
According to the Bureau of Labor Statistics, the price of homeowners and renters insurance premiums (combined) has gone up over 25% between 2008 and 2017 to an average of over $1,173 (2015 average). As we discussed in our earlier piece oriented towards the perks of BASE for homeowners insurance providers [link], industry costs like negotiating adjustments, collections, and advertising costs can be reduced with blockchain through BASE integration. Part of the savings of eliminating the middleman then get passed on to you, the user.

Accuracy of Policies
Even with the bulky costs of insurance administration today, you as a homeowner might not be properly insured. According to a Consumer Reports survey of their subscribers, eight percent of those who filed claims were underinsured. When you're filing a claim for serious damage to your home, this can mean a huge loss. Verifying the characteristics of your home during the insurance shopping process will ensure you are completely covered.
Receive Claims Sooner
With automated, data-based processes, simple claims can be verified quickly with less burden on the client. Think of the example of a home burglary. A police report with damages can be shared and automatically matched with a policy and account. You can then be quickly reimbursed. The infrastructure to create these anonymized networks of information disclosures is possible with BASE. The blockchain appeases a business's initial distrust of other parties so that technology verifies interactions.
Peer-to-Peer Insurance
Taking a step back from the homeowners insurance industry, blockchain could even allow a community of homeowners to create a peer-to-peer insurance network. Using BASE to store, protect and verify data can make setting up these alternative networks more feasible. Even if you choose to buy homeowners insurance with a traditional provider, blockchain can speed up and verify initial interactions. A trust-generating infrastructure will streamline costs across processes to bring premiums down, control your personal information, and make claim payments come faster.