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Trusted Data Sources are Key to Widespread Adoption of Blockchain in Insurance: MIC
May 18, 2019

Using blockchain technology, smart contract of the insurance agreement made between the insurer and the insured is created and is coded to get executed autonomously. This helps drastically reduce the operational cost involved in collecting and storing documents and processing claims, said Chihhin Kuo, industry analyst at Taipei-based, government-backed research institute MIC (Market Intelligence& Consulting Institute). “Currently, Taiwan has several insurance companies that have adopted blockchain technology to their travel inconvenience insurance packages and the technology has speeded up the process significantly.”

Table Travel Inconvenience Insurance Package of Eight Major Insurers in Taiwan

Travel Inconvenience Insurance of Insurers for Delayed Flight (no delay proof needed)

Insurance Company

Delay Time

Compensation Amount (NT$)

Shinkong Insurance

2, 4, 6 hours and above

NT$1,600 /4,800/8,000

MingTai Insurance

3 hours and above

NT$3000 (Fixed)/NT$6,000 (Maximum)

Cathay Century Insurance

4 hours and above

NT$5,000 (Fixed)/NT$ 10,000

Fubon Insurance

4-5 hours and above

NT$5,000 (Fixed)

6 hours and above

NT$5,000 (Fixed) NT$25,000 (Pay-as-you-go)

Taiwan Fire & Marine Insurance Company

4 hours and above

NT$1,500 for every 4-hour delay

NT$ 10,000-2,0000 (Maximum) or pay-as-you go

Union Insurance Company

4 hours and above

NT$5,000 for every 4-hour delay and NT$10,000 (Maximum)

Nan Shan General Insurance

4 hours and above

NT$5,000(Fixed); NT$10,000 (Maximum)

Chung Kuo Insurance

4 hours and above

NT$5000/NT$8000 (Fixed); NT$10,000-16,000 (Maximum)


Note: NT$1 = US$30.9

Source: Respective companies, compiled by MIC, May 2019

“The filing and settlement of a travel inconvenience insurance or travel medical insurance claim require external data from airlines or large hospitals. Therefore, reliable and trustworthy data from external organizations is insurance companies’ top concern when deploying blockchain and smart contract technology to automate the insurance claim settlement process.”

To see more about this report, please visit: Application of Blockchain in Travel Inconvenience Insurance Claim Settlements over Airline Strikes

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About MIC


Market Intelligence & Consulting Institute (MIC), based in Taipei, Taiwan, was founded in 1987. MIC is Taiwan's premier IT industry research and consulting firm providing intelligence, in-depth analysis, and strategic consulting services on global IT product and technology trends, focusing on markets and industries in Asia-Pacific. MIC is part of the Institute for Information Industry.