Blockchain may Hold Zimbabwe’s Failing Insurance Sector

News from local media revealed that if the current issue with the insurance companies continues, their progress downhill has been coordinated by the fact that they are not able to provide consumers with the services they promise to offer; both insurance policies and pension.

A senior official, Lynn Mukonoweshuro, at the Insurance and Pensions Commission (IPEC) Zimbabwe, argued that Distributed Ledger Technology (DLT), employed by blockchains is the most crucial step for pension delivery and for the providence of pension.

She states that that is a far better method of conveying services to the digital customer, much more reliable owing to its reduced risk factor and control – in contrast to the method used currently: where brokers are involved which ultimately sucks out the convenience factor for most users.

Blockchain has already been taken on by the world to get things done not only in the financing domain but in Artificial Intelligence (AI), 3D modelling and graphics rendering. Its spread out ledger system provides feasibility, security, uninterrupted service and most importantly, the power to the task employed for.

The process, through the use of blockchain for insurance companies, will allow the storage of insurance certificates in a streamlined and transparent manner, available to the general public (open source) yet secure.

With the funds provided by IPEC in the future, the insurance companies can upgrade their services and provide them under the blockchain umbrella. Along with hiring blockchain developers to maintain the system, once it has been set up.