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.
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
Key Topics Covered:
1. Flights Cancelation Over Strike Action Brings New Opportunities
2. Development 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