Insurance blockchain will save industry $5-10 billion: Why, what and how

Insurance executives said that they will be ironing out all the compliance, data methodology and reporting, and governance issues together with the regulators over the next few months

The insurance blockchain, being tested across 15 life insurance companies, will save the industry around $ 5 billion to $10 billion in expenses accrued during routine processes, according to experts.

In part 1 of this series, we looked at how the insurance blockchain aims at improving the on-boarding activities of insurers and how the burden on customers to share Know-Your-Customer and medical details/records with various insurers will ease.  
Here we will look at the nature of insurance claims management, the functions of the blockchain and probable uses.

Why Blockchain and what will it solve?

There are multiple use-cases for