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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. 

Microinsurance

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 – 

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8 Best Ways to Reduce Android App Size

5 minutes, 29 seconds read

With the increase in mobile storage spaces that have gone up to 256 GB, app size is also growing. App size is sure to grow as developers are adding new features, trying to meet customer needs, and also trying to support their apps on various screen sizes. Around 74% of the world uses Android, and 70% of users consider app size before installing them. Moreover, as humans are getting accustomed to instant gratification, they ponder on ways to download apps as they take up storage spaces. Despite the cloud support for photos, videos, and files, android users face issues, such as mobile hanging due to app size. As customer expectations are increasing, android app developers are considering other ways to reduce app size while still incorporating significant additional features and keeping in mind the customer experience.

Below are the 8 best ways to reduce android app size:

1. Use Android App Bundle to Reduce App Size

When generating the release version of your app, you can choose between APK and Android App Bundle.  The second option will make Google play to generate the APK with only those features a specific user need. 

Use Android App Bundle

App Bundle Vs APK

Android App Bundle

  • It is a publishing format that includes compiled code and resources of your app, and delays APK generation and signing to Google Play.
  • With Android App Bundles, the compressed download size restriction is 150 MB. The app bundle cannot be used with APK expansion files.
Android App Bundle
Important: In the second half of 2021, new apps will be required to publish with the Android App Bundle on Google Play. New apps larger than 150 MB must use either Play Feature Delivery or Play Asset Delivery.

How to build android app bundles?

To build app bundles, follow these steps:

  1. Download Android Studio 3.2 or higher—it’s the easiest way to add feature modules and build app bundles.
  2. Add support for Play Feature Delivery by including a base module, organizing code and resources for configuration APKs, and, optionally, adding feature modules.
  3. Build an Android App Bundle using Android Studio. You can also deploy your app to a connected device from an app bundle by modifying your run/debug configuration and selecting the option to deploy APK from app bundle. Keep in mind, using this option results in longer build times when compared to building and deploying only an APK.
  4. If you’re not using the IDE, you can instead build an app bundle from the command line.
  5. Test your Android App Bundle by using it to generate APKs that you deploy to a device.
  6. Enroll into app Play App Signing. Otherwise, you can’t upload your app bundle to the Play Console.
  7. Publish your app bundle to Google Play.

Please note: Android Package Kit – As per developer console, by the mid of 2021, developers won’t be able to upload apk on play store)

  • Android operating system uses APK which is the package file format for distribution and installation of mobile apps, games and middleware. APK is similar to other software packages such as APPX in Microsoft Windows or a Debian package in Debian -based operating systems.
  • Google Play requires that the compressed APK downloaded by the users should not exceed 100 MB.
  • The expansion files for your app are hosted by Google Play which serves them to the device at no cost to you. The expansion files are saved to the device’s shared storage location (the SD card or USB-mountable partition).

2. Use Proguard

Proguard is probably one of the most useful tools to reduce your APK size. It reduces the source code files to a minimum and can reduce the APK file size upto 90%.

  • Use it in all variants whenever using “Proguard”
  • Helps to avoid conflict at the of generate apk or bundle if will use in all the variants.
  • We cannot let ProGuard rename or remove any fields on these data classes, as they have to match the serialized format. It’s a safe bet to add a @Keep annotation on the whole class or a wildcard rule on all your models.

3. Use Android Size Analyzer Plugin

This Android Studio plugin will provide you recommendations to reduce the size of your application.

With the APK Analyzer, you can accomplish the following:

  • View the absolute and relative size of files in the APK, such as the DEX and Android resource files.
  • Understand the composition of DEX files.
  • Quickly view the final versions of files in the APK, such as the AndroidManifest.xml file.
  • Perform a side-by-side comparison of two APKs.

There are three ways to access the APK Analyzer when a project is open:

  • Drag an APK into the Editor window of Android Studio.
  • Switch to the Project perspective in the Project window and then double-click the APK in the default build/output/apks/ directory.
  • Select Build > Analyze APK in the menu bar and then select your APK.

More details at: Jetbrains

4. Optimize Your App’s Resources

Whether used or not, every resource takes up memory. It is therefore necessary to have only those resources that you need, and to use those in a memory efficient way. In other words, you should consider the resolution of the image before finalizing on it.

5. Optimize Libraries

As large libraries consume huge amounts of space, it is advisable to remove parts of it in case you do not need them and if it is permitted by the license of the library. Proguard can aid you in this process but it is not always able to remove large internal dependencies.

6. Use Vector Graphics Wherever Possible

They are sharp and do not consume much space as they rely on mathematical calculations and not on pixels that need to be saved. However, they cannot be used for photography.

7. Compress Your Images

By using tools such as pngcrush, you can reduce the file size of PNG images. It is advisable to do this images as they still look the same. 

8. Only Support Specific Densities

If only a small portion of users use a specific density, it might be better to let Android scale your other densities for them as it would reduce your APK size.


As mobile storage space is growing, people are installing a large number of apps to meet a wide range of needs. But as app size is increasing, people are continuing to struggle with storage issues. With provisions such as Proguard, one can compress the APK file size and optimize libraries easily. Compressing images and using vector graphs are also useful in reducing app size.

About the author: Anand Singh is Tech Lead at Mantra Labs. He is integral to the company’s Android-based projects and enterprise application development.

Further Reading:

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