In February 2019, the strike organized by China Airlines pilots resulted in more than 60 canceled flights, affecting more than 30,000 passengers. A blockchain-based solution that can integrate flight information has been applied to automate travel inconvenience insurance processes and reduce claim settlement time by simplifying insurance application and claim settlement processes. Once specified conditions are met, the solution will send a claim notification to the insured automatically and the compensation will be paid into the insured’s designated account through the solution’s autonomous claim payout system. The insured no longer needs to request documentation of proof from the airline in case of flight delays. The streamlined and automated insurance process will reduce the operational cost of the insurer, encourage passengers to buy travel insurance policies, and increase business opportunities for travel insurance companies, or insurers.
Table of Contents
1. Flights Cancelation Over Strike Action Brings New Opportunities
2. Developmnet of Blockchain in Travel Inconvenience Insurance
2.1 Blockchain Technology Speeds up Travel Inconvenience Insurance Process
2.2 Advantages of Blockchain Platform Adoption
2.3 Application of Blockchain Technology in Taiwan’s Travel Inconvenience Insurance
3.Opportunities and Challenges of Blockchain in Insurance
3.1 Blockchain-powered Travel Insurance Packages Only Differs in Amount of Compensation based on Delay Time
3.2 Blockchain Will be Applied to Other Types of Insurance
3.3 Trusted Data Sources Key to Widespread Adoption
MIC Perspective
Appendix
Glossary of Terms
List of Companies
List of Tables
Table 1: Travel Inconvenience Insurance Package of Eight Major Insurers in Taiwan
List of Figures
Figure 1 Process Flow for Existing Travel Inconvenience Insurance
Figure 2 Comparison of Traditional and Blockchain-based Travel Inconvenience Insurance Process Flows
Figure 3 Advantages of Applying Blockchain to Travel Inconvenience Insurance
List of Topics
Background behind China Airlines’ flight cancelation over strike action, touching on possible opportunities
Development of blockchain in travel inconvenience insurance, touching on its advantages and applications
Opportunities and challenges brought by blockchain in the insurance industry
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