Norque: Onboarding the Traditional Insurance Sector on Blockchain — glimpse of the future
Insurance is an integral part of the world financial landscape. NORQUE, a company that uses blockchain technology in conjunction with AI and ML will change this. The first-ever platform using AI and ML for enhancing claims settlement and other such activities was recently launched by NORQUE, which now leads innovation.
Revolutionizing insurance through NORQUE
This move makes NORQUE the first insurer to use both AI and ML on a blockchain platform designed exclusively for insurance purposes. In essence, it seeks to make conventional practices in the sector efficient, transparent and user-friendly by integrating them into its AI- and machine learning-powered blockchain platform which provides comprehensive coverage end-to-end as an example to other players on how insurance should be done in the digital era.
Simplifying claims management
The most unique feature of NOUQUER’s solution is small claims processing using artificial intelligence (AI) and machine learning (ML). Such invention speeds up the claim process making it swift, accurate yet fair upon settlements hence improved customer experience.
Improved operations
The application of blockchain developed by NORQUE together with AI & ML can highly improve operational efficiency used by current insurers. Some tasks are automated through these technologies from sales to claiming, reducing human errors within insurers.
Powering risk management
For any player in the underwriting business, accurate risk assessment is crucial therefore NRFOTI technology allows firms to make real-time informed decisions analyzing enormous data sets through intelligent algorithms that use data analytics.
Less reliance on third parties
Traditional insurers usually utilize 3rd party service providers for sales, customer support, claims processing or data management which increases inefficiencies adding costs. This has been reduced with Blockchain. ‘NORQUE’ therefore minimizing its costs while improving its services.
Future of purchasing/renewing insurance policies
Cryptocurrencies are accepted as payment methods on NORQUE for buying coverage. This also serves a bridge for digital currencies to enter the mainstream financial world of insurance products. Moreover, the platform can automate sales of new policies and their renewals by using AI and ML resulting in reduced costs.
Conclusion
NORQUE’s adoption of blockchain technology with Artificial Intelligence (AI) and Machine Learning (ML) has taken the insurance industry one step closer to digitization. NORQUE has made traditional insurers face major challenges such as inefficiencies, high expenses and dependence on third-party service providers hence opening up for more efficient transparent customer centric insurance market. These are most disruptive innovations ever occurred in the insurance sector simply because they lie at the intersection which leads us into this brave new world where NORQUE is our guide through a safer, more efficient environment within it.
