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Application of Blockchain in Travel Inconvenience Insurance Claim Settlements over Airline Strikes

Application of Blockchain in Travel Inconvenience Insurance Claim Settlements over Airline Strikes

Code: MICR-Cons-09
Report
May 2019
17 Pages
Market Intelligence and Consulting Institute
Region: Global,
Description
Table of Content
Tables & Figures
Publisher

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

MIC - Market Intelligence & Consulting Institute 

Founded in 1987, the Market Intelligence & Consulting Institute (MIC) is a division of the Institute for Information Industry and a leader in studies and consultancy in the ICT sector in Taiwan.

MIC is devoted to offering a wide variety of worldwide ICT sector studies covering analyzes of the supply chain, market trends, evolving technology and the motion of significant players, as well as the growth of the Taiwanese IT industry.

With an Asia-wide study network, MIC is ideally placed to provide the customers with the intelligence, insight, and distinctive perspective that they need to make vital choices. The exhaustive main research methods of MIC are essential to the value delivered by MIC.

A combination of questionnaires and on-site visits to significant manufacturers gives a first look at the latest trends and data. Information is then validated through interviews with suppliers and customers of the manufacturers, covering a holistic value chain for the industry. Backed up by a cross-domain team-based approach, this process creates an interlaced network across numerous interrelated components and system-level devices to ensure statistical integrity and provide in-depth insight.

The constantly updated database and the secondary research of the market are designed to complement the primary analysis. Dedicated research into the macro-environmental trends shaping the ICT industry allows MIC reports to forecast future development trends and generate foresight perspectives.

Market Intelligence & Consulting Institute (MIC)

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.

Read More

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

Read More

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

Read More
MIC - Market Intelligence & Consulting Institute 

Founded in 1987, the Market Intelligence & Consulting Institute (MIC) is a division of the Institute for Information Industry and a leader in studies and consultancy in the ICT sector in Taiwan.

MIC is devoted to offering a wide variety of worldwide ICT sector studies covering analyzes of the supply chain, market trends, evolving technology and the motion of significant players, as well as the growth of the Taiwanese IT industry.

With an Asia-wide study network, MIC is ideally placed to provide the customers with the intelligence, insight, and distinctive perspective that they need to make vital choices. The exhaustive main research methods of MIC are essential to the value delivered by MIC.

A combination of questionnaires and on-site visits to significant manufacturers gives a first look at the latest trends and data. Information is then validated through interviews with suppliers and customers of the manufacturers, covering a holistic value chain for the industry. Backed up by a cross-domain team-based approach, this process creates an interlaced network across numerous interrelated components and system-level devices to ensure statistical integrity and provide in-depth insight.

The constantly updated database and the secondary research of the market are designed to complement the primary analysis. Dedicated research into the macro-environmental trends shaping the ICT industry allows MIC reports to forecast future development trends and generate foresight perspectives.

Market Intelligence & Consulting Institute (MIC)

Read More
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