International Journal of Multidisciplinary Research and Growth Evaluation  |  ISSN (Online): 2582-7138  |  Double-Blind Peer Review  |  Open Access  |  CC BY 4.0

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International Journal of Multidisciplinary Research and Growth Evaluation

ISSN (Online): 2582-7138 | Open Access

Trustless Reinsurance: How Distributed Ledger Technology Can Improve Transparency in Retrocession

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Volume: 1 | Issue: 5 | Pages: 148-155

Subject: Engineering

Country: India

DOI: https://doi.org/10.54660/IJMRGE.2020.1.5.148-155

License: CC BY 4.0

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Abstract

Businesses in the insurance sector use DLT technology to open transaction flows and make job efficiency better. Researchers verified that blockchain technology for reinsurance solves fraud and claim processing issues to produce efficient insurance services. We examine how blockchain technology optimizes reinsurance contracts by combining insurance facts and blockchain pilot results using statistical procedures. Companies can complete insurance claims more rapidly at a 30% to 40% lower expense level while spotting 85% of possible fraud. Using this service reduces business expenses and processes run faster since it manages settlements directly plus records all system activities. Significant insurance companies like B3i, IBM, Swiss Re and Etherisc test blockchain-based reinsurance systems in their projects. Bitcoin offers benefits to the industry but users encounter three main difficulties due to unclear rules regarding transactions, several control limitations, and problems with integrating legacy systems. Through scientific data we learn that Distributed Ledger Technology provides dependable partnership programs to reinsurance through a trusted central platform. With fraud-resistant technology from blockchain systems the reinsurance and retrocession industry will develop better protection at lower prices and improved trustworthiness.

How to Cite This Article

Sashi Kiran Vuppala (2020). Trustless Reinsurance: How Distributed Ledger Technology Can Improve Transparency in Retrocession . International Journal of Multidisciplinary Research and Growth Evaluation (IJMRGE), 1(5), 148-155. DOI: https://doi.org/10.54660/IJMRGE.2020.1.5.148-155

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Publication Information

Journal: International Journal of Multidisciplinary Research and Growth Evaluation (IJMRGE)

Publisher: Anfo Publication House

ISSN: 2582-7138 (Online)

Frequency: Bimonthly

Language: English

Open Access: Yes - This article is distributed under the terms of the Creative Commons Attribution 4.0 International License

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