Try : Insurtech, Application Development










Dev Ops(2)

Enterprise Solution(22)




Augmented Reality(17)

Customer Journey(10)


User Experience(30)

AI in Insurance(31)


Product Innovation(37)





Telehealth Care(1)

Artificial Intelligence(107)



Cognitive Computing(7)

Computer Vision(8)

Data Science(14)


Intelligent Automation(26)

Machine Learning(46)

Natural Language Processing(13)

5 Real-world Blockchain Use-cases in Insurance Industry

Nearly 80% of insurance executives have either already adopted or planning to pilot blockchain technology across their business units. The level of trust, transparency, and immutability that blockchain (distributed ledger technology) provides is impeccable. 

blockchain insurance use cases- benefits

Blockchain offers an independently verifiable dataset so that insurers, as well as customers, need not suffer from decisions based on inappropriate/incomplete information. In the instances of travel insurance, blockchain-based systems use external data sources to validate whether a flight was missed or canceled. Accordingly, insurers can decide on processing refund claims. Well, blockchain can handle even more complex situations of road accidents by accurately determining the vehicle or human fault.

The 5 practical blockchain use-cases in the insurance industry are-

  1. Fraud detection
  2. IoT & Blockchain together to structure data
  3. Multiple risk participation/Reinsurance
  4. On-demand insurance
  5. Microinsurance

Fraud Detection

In the US alone, every year fraudulent claims account for more than $40 billion, which is excluding health insurance. Despite digitization, the standard methods fail to recognize fraud. Blockchain can help in fraud detection and prevention to a great extent. 

Blockchain ensures that all the executed transactions are permanent and timestamped. I.e. no one, including insurers, can modify the data preventing any kind of breaches. This data can further help in defining patterns of fraudulent transactions, which insurers can use in their fraud prevention algorithms. 

Fraud detection using blockchain use case: Etherisc

Powered by smart contracts, Etherisc independently verifies claims by using multiple data sources. For example, for crop insurance claims, it compares satellite images, weather reports, and drone images with the image provided by the claimant. 

IoT & Blockchain together to structure data

As IoT will connect more and more devices, the amount of data generated from each of the devices will increase significantly. For instance, there were 26.66 billion active IoT devices in 2019 and nearly 127 IoT devices connect to the internet every second

This data is extremely valuable for insurers to develop accurate actuarial models and usage-based insurance models. Considering the auto insurance sector, the data collected about driving time, distances, acceleration, breaking patterns, and other behavioral statistics can identify high-risk drivers. 

But, the question is — how to manage the enormous data as millions of devices are communicating every second. 

And the answer is a blockchain!

It allows users (insurers) to manage large and complex networks on a peer-to-peer basis. Instead of building expensive data centers, blockchain offers a decentralized platform to store and process data. 

Multiple risk participation/Reinsurance

Reinsurance is insurance for insurers. It protects the insurers when large volumes of claims come in. 

Also read – 5 biggest insurance claims payouts in history

Because of information silos and lengthy processes, the current reinsurance system is highly inefficient. Blockchain can bring twofold advantages to reinsurers. One — unbreached records for accurate claims analysis and two — speeding-up the process through automated data/information sharing. PwC estimates that blockchain can help the reinsurance industry save up to $10 billion by improving operational efficiency.

For example, in 2017, B3i (a consortium for exploring blockchain in insurance) launched a smart contract management system for Property Cat XOL contracts. It is a type of reinsurance for catastrophe insurance.

On-demand insurance

On-demand insurance is a flexible insurance model, where policyholders can turn on and off their insurance policies in just a click. More the interactions with policy documents, the greater the hassle to manage the records. 

For instance, on-demand insurance requires underwriting, policy documents, buyers records, costing, risk, claims, and so on much more than traditional insurance policies.

But, thanks to blockchain technology, maintaining ledgers (records) has become simpler. On-demand insurance players can leverage blockchain for efficient record-keeping from the inception of the policy until its disposal. An interesting blockchain insurance use cases is that of Ryskex — a German InsurTech, founded in 2018. It provides blockchain-powered insurance platform to B2B insurers to transfer risks faster and more transparently. 


Instead of an all-encompassing insurance policy, microinsurance offers security against specific perils for regular premium payments, which are far less than regular insurances. Microinsurance policies deliver profits only when distributed in huge volumes. However, because of low profit-margin and high distribution cost, despite immediate benefits, microinsurance policies don’t get the deserved traction. 

Blockchain can offer a parametric insurance platform. With this, insurers will need fewer local agents and “oracles” can replace adjusters on the ground. For example, Surity.ai uses blockchain to offer microinsurance to the Asian populace, especially those not having access to the services of banks or other financial organizations. 

For further queries around blockchain / insurance use cases, please feel free to drop us a word at hello@mantralabsglobal.com.

Related blockchain articles – 


Knowledge thats worth delivered in your inbox

Redefining Customer Experience in Shared Mobility

3 minutes read

BlaBla car-a community-based travel network claims to have enabled over 90 million members to share a ride across 22 markets. Shared mobility which began in the 1940s in Switzerland has now become an essential part of our everyday lives. If you look around, micro-mobility options like Yulu, Bounce and Rapido have been helping delivery persons to quickly deliver the orders on time at a much lesser cost without any hassle.

According to Frost & Sullivan, the Indian shared mobility industry is expected to witness nearly four-fold growth with revenues of $42.85 billion by 2027 at a CAGR of 25.3%.

Why do businesses need to redefine user experience in shared mobility?

As we move into the experience economy, customer experience will play a vital role in retaining customers and especially in acquiring the new segment-Gen Z. Zoomers or Gen Z are the most advanced, tech-savvy audience who rely on technology and want a great digital experience to stay loyal to their favorite brands. They are quick to express on social media what they experience and feel about- be it good or bad. Right after the offices re-opened a few months ago, Uber and Ola users complained on social media about rides getting canceled. Uber started allowing drivers to see drop locations before accepting the rides just to reduce the cancellation chances. 

Keeping in mind the evolving customer preferences and expectations, companies are constantly working on redefining customer experience in shared mobility. Chalo is a mobility startup that offers live bus tracking and a live passenger indicator and also shows how crowded the bus is in real-time. Quick Ride offers people carpooling along with a Taxi/Cab app for local, airport, and outstation travels. This points out that enhancing customer experience has become a significant factor for shared mobility organizations to retain their customers. And it seems that the businesses operating in this ecosystem have a myriad of possibilities to grow. Here’s why:

  1. Increase in demand for shared mobility in Remote Areas: Pandemic has brought in work-from-home culture worldwide. People who migrated to their home towns in tier 2 and 3 cities want shared mobility options to commute. In the past two years, digital literacy in rural areas has gone up. A McKinsey report estimated that India will have 650-700 million smartphones as the number of internet users will cross 800 million by 2023. This will surely create more demand for shared vehicle services in remote areas. 
  1. Increase in Traffic Congestion: As the offices have reopened, so has the traffic congestion on roads. Owing to increasing disposable income, lack of public transport infrastructure, and the demand-supply gap, India’s shared mobility sector is expected to touch nearly 15 crore users by 2025, according to the Redseer report. 
What do customers want in shared mobility space?

EV (Electric Vehicle) ecosystem in India

EV ecosystem which is now in its nascent stage will evolve within the next few years. The government has been promoting the use of EVs across the nation with the goal of achieving 50% vehicle electrification by 2030. Key players like Uber, Ola, and Vogo are planning to switch to electric vehicles. There’s already a long queue for Ola bikes amongst customers. The company recently announced to bring Ola electric car on the road by 2023. Yulu is a mobility app to book & track trips, monitor bike health, report bike issues, check personal stats, and win rewards. Mantra Labs built a scalable platform for Yulu, enabling a scalable and easy-to-use app for users to access bike-sharing services. The app helps users to check personal health stats such as calories burnt, distance covered, and time elapsed for quick tracking. It also shows the amount of carbon emissions saved for each trip.

The Future:

We are heading towards an intelligent and connected world where new-age vehicles will be smarter than ever before. Recently, California regulators gave a nod to robotic taxi services to charge passengers for driverless rides in San Francisco. Tesla has been working on building autonomous vehicles for future customers. Whether autonomous cars will be viable on Indian roads or not is difficult to answer right now because of the massive population and infrastructural gap in the country. But this may be possible in the future. As of now, the biggest challenge for companies is figuring out how to make the rider experience seamless, safe, convenient, and economical. 


Knowledge thats worth delivered in your inbox

Loading More Posts ...
Go Top