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
Table of Contents
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
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
Samples
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Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- Cathay Century Insurance
- China Airlines
- Chung Kuo Insurance
- Chunghwa Telecom
- Fubon Insurance
- Mingtai Insurance
- Nan Shan General Insurance
- Shinkong Insurance
- Taiwan Fire & Marine Insurance
- Union Insurance Company
Methodology
Primary research with a holistic, cross-domain approach
The exhaustive primary research methods are central to the value that the analyst delivers. A combination of questionnaires and on-site visits to the major manufacturers provides a first view of the latest data and trends. Information is subsequently validated by interviews with the manufacturers' suppliers and customers, covering a holistic industry value chain. This process is backed up by a cross-domain team-based approach, creating an interlaced network across numerous interrelated components and system-level devices to ensure statistical integrity and provide in-depth insight.
Complementing primary research is a running database and secondary research of industry and market information. Dedicated research into the macro-environmental trends shaping the ICT industry also allows the analyst to forecast future development trends and generate foresight perspectives. With more than 20 years of experience and endeavors in research, the methods and methodologies include:
Method
- Component supplier interviews
- System supplier interviews
- User interviews
- Channel interviews
- IPO interviews
- Focus groups
- Consumer surveys
- Production databases
- Financial data
- Custom databases
Methodology
- Technology forecasting and assessment
- Product assessment and selection
- Product life cycles
- Added value analysis
- Market trends
- Scenario analysis
- Competitor analysis
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