Time for Zimbabwe insurance companies to adopt the blockchain
Zimbabwe medical insurance players lament
the high levels of fraudulent claims besetting the industry and there are fears
this scourge will ultimately result in its collapse. In 2018 alone, it was
revealed that a total of $160
million, which was paid out by medical insurance companies in the previous
year, might have been based on fraudulent claims.
Similarly, the sensational story of three individuals who stole and burnt a corpse, which they then used to defraud Old Mutual, a life assurer highlight the extent of the problem. Such an act of desperation hurts insurance companies because they are forced to pay out more than they should.
No one really knows the exact figure of funds lost to fraud but it seems the $160 million is a conservative figure. The figure could higher now as the biting economic situation worsens.
At the same time, insurance clients gripe about the slow pace of processing claims and subsequent delays in releasing funds, something that inconveniences them.
This has been the reality for the countryâs insurance community for many years now.
Genesis of the blockchain
However, a solution to this may have arrived from an unlikely source, the blockchain technology, which brought the much talked about Bitcoin to life.
When Bitcoin launched in 2009, few would have predicted that this privately issued currency would survive to this day. Bitcoin has remained resilient in the face of on-going attacks and sabotage by those confused or angered by its potential and growing popularity.
Posted from my blog with SteemPress : https://africablockchainmedia.com/news/time-for-zimbabwe-insurance-companies-to-adopt-the-blockchain/2020/02/06/