USE CASES FOR DLT IN INSURTECH
1. Customer Identity and Compliance Regulations:
There is huge potential for DLT to cut costs and improve the
effectiveness of KYC and AML compliance regulations for insurers.
For instance, it is the responsibility of brokers, insurers and
reinsurers to carry out the appropriate identification checks,
sanctioning, screening and identifying the ultimate beneficial
owner for all of their counterparties.
In such a scenario, a DLT-based certified file transfer utility,
would certainly reduce the time and therefore costs, to turn around
all this information. In such a use case, the distributed ledger
would contain key data relating to the individual client, together
with the validation evidence of each party in the insurance
life-cycle. All this data would be encrypted with key-codes which
would belong to the client.
