Yunus Scheepers, chief technology officer at SilverBridge Holdings highlights the potential of smart contracts in SouthAfrican insurance ~
The global smart contracts market is expected to top the $8,3-million mark by 2030, growing annually by 21,4% from this year.The blockchain and smart contracts allow insurers to automate the execution of an insurance product agreement without any involvement from mediators. Not only does this speed up claims processing it also lowers administrative costs and reduces the risk of fraud.
Recent innovations have made it possible for smart contracts to connect securely with any off-chain data. This enables the triggering of smart insurance contracts using data from real-time insurable events. Furthermore, smart contracts can detect fraud more effectively. When a person submits fraudulent information to a life or health insurer via false claims, falsified applications, or other channels, smart contracts determine if the submission is valid.
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