According to studies conducted by Deloitte and other industry research, blockchain offers several

benefits for the insurance industry, particularly in more efficient claims processing and lower costs.

Blockchain’s capabilities in data immutability, transparency, and automation play key roles in

streamlining insurance processes and reducing operational expenses.

Key Details:

Efficient Claims Processing: Blockchain enables quicker verification and processing of claims by

automating workflows through smart contracts. This reduces paperwork, minimizes errors, and

speeds up the claims process, improving customer satisfaction.

Lower Costs: By reducing intermediaries and leveraging automation, blockchain lowers

administrative costs. It minimizes the need for manual verification and fraud detection, which

traditionally consume significant resources in the insurance industry.

Transparency and Fraud Reduction: Blockchain provides an immutable and transparent record of all

transactions. This helps prevent fraud, as all stakeholders have access to the same data, reducing

discrepancies and the need for extensive audits.

In conclusion,

A. More efficient claims processing and

D. Lower costs are the correct answers, as

these are key benefits of blockchain for the insurance industry identified in Deloitte’s research.