• Contact Us
  • About
  • Advertise
  • Privacy & Policy
Monday, June 23, 2025
  • Login
E3P Motor Insurance
  • Home
  • Insurance
  • Pension
  • Business Unlimited
  • OIL & ENERGY
  • Feature
  • News
  • Home
  • Insurance
  • Pension
  • Business Unlimited
  • OIL & ENERGY
  • Feature
  • News
No Result
View All Result
Business Post
No Result
View All Result
Home Insurance

The Benefits Of Blockchain

Staff Reporter by Staff Reporter
November 26, 2021
in Insurance
0 0
0
The Benefits Of Blockchain
0
SHARES
70
VIEWS
Share on FacebookShare on TwitterShare on WhatsApp

This article was produced in partnership with LifeHash

Surina Nath of Insurance Business sat down with Stuart Menzies, CEO of Lifehash and CTO Gary McKee to discuss how blockchain technology is enhancing the claims process.

Cyber criminals had an undeniable advantage this year. With relentless waves of ransomware attacks, data privacy is top of mind for the insurance industry. 

Enter LifeHash—a company that’s leveraging technology to improve the claims lifecycle. Founded in 2021, CEO Stuart Menzies and CTO Gary McKee created a platform using blockchain technology that provides both clients and insurers with a seamless and secure method of real-time claims processing. 

For many, understanding blockchain technology is a foreign concept, but LifeHash takes that strain away from the industry, helping integrate blockchain into their business model using their live-claim app. 

Protecting insureds data is much easier with the adoption of blockchain. LifeHash’s app not only provides an additional layer of security, but it also speeds up the claims process as insureds can immediately document as much information as possible at the time of a loss. 

“The current claims process is incredibly time consuming,” said Menzies. “Our app is fast and secure.”

LifeHash’s solution captures important data early on, such as collision information from a mobile device or proof of ownership records, links them together, and stores them in a secure and transparent way using public blockchain networks. These records are fully auditable and can be used to verify steps in the insurance process.

“There’s two types of blockchains,” Menzies explained. “There is the public side where anyone can take part of the verification process, then there’s the private side where IT products that are centralized entities, where blockchain can be switched on and off when they see fit.” 

The strength of a public solution is that it can take advantage of immense security and transparency of big blockchain networks, like Bitcoin. These networks are time-tested and are likely to exist for decades to come. Private networks on the other hand, rely heavily on central control, and in that respect, are not much different from a regular database.

The interesting nature of public blockchain technology and how LifeHash is implementing it into their platform, is that the company cannot see the data being sent from clients to insurance companies due to double encryption. 

“We essentially use blockchain technology to facilitate information exchange. We receive an encrypted file and encrypt it again so the end user can access and store the data safely. We can improve the verification of sensitive data through smart solutions that blockchain technology enables,” Menzies noted. “We’re essentially trying to improve data processing and data privacy.”

McKee added: “One of the big benefits of blockchain is encryption, and we’ll be using blockchain based encryption to save assets, images, and video files so only the client and the insurer can access that information.

“I’m a big believer in the immutability of blockchain and combining that with insurance claims and the data collected during that process is a no brainer. We’re improving the privacy for the user as well as making the claims process as easy as it can be.”

LifeHash’s app improves the efficiency of collecting witness statements, proof of ownership or periodic inspections, digitally filling in the gaps of the insurance claims process with blockchain as it solidifies a single point of truth for all information. 

“When information is tied in one cohesive database, it’s easier to prove to insurers,” said Menzies. “The benefits of blockchain for insurers is that it’s definitive. The photo that is uploaded in LifeHash can be verified through our solutions to confirm that it’s from the client that is tied to the policy and any other information submitted through the app. Structuring the claims process with such a solution also decreases the risk for fraud.” 

Blockchain provides the tools to enable the security of decentralized data. “We’ve combined the best of having a public blockchain with privatized assets, so you’re easily able to verify if information is legitimate,” McKee added. 

“I still think we’re in the early days of blockchain adoption,” McKee noted. “And even though the technology has outpaced many others in term of development speed, if we take a step back, we’re able to use existing blockchain technology in a manner that is efficient, cost friendly and doesn’t come with the issues other legacy platforms may have.”

According to Menzies, if insurance companies invest in a live-claims app, they’re essentially going to insure themselves. The transparent and auditable data that can be provided with a blockchain solution, provides an extremely reliable and objective way to store information and gives both insurers and the insured something to fall back on.

“We’re using every part of blockchain technology in a fundamental way to the insurance claims process,” said McKee. 

In an industry heavily weighted by legacy processing, blockchain mitigates cyber security risks and provides clients with a more secure way to file a claim. 

LifeHash’s innovative, customizable app provides a seamless transition of information between the insurer and policy holder. Insurance companies can integrate their own APIs to the platform so businesses can easily take the first step in the evolution of claims processing and data security. 

For more information visit www.lifehash.com.

Co-founders Stuart Menzies and Gary McKee have worked together to create a platform that enables both efficiency and security using blockchain technology. Menzies, CEO has a robust background in military and protective services. McKee, CTO has over seven years of experience working with DigiByte Global Blockchain as a full stack engineer.

Source: Insurance Business America By Surina Nath
Previous Post

NAICOM Portal: Thomas Tells Laggards To Catch Up Or Loose Relevance

Next Post

Abuja Brokers Give High Five Collaboration To Heirs Duo 24hours Core Claims Responsibility

Staff Reporter

Staff Reporter

Related Posts

Generative AI Sweeping Reliance Destructive Without Human Oversight – NGX Chairman
Insurance

Generative AI Sweeping Reliance Destructive Without Human Oversight – NGX Chairman

June 21, 2025
Public Servants Welfare Capacity Enhanced With Workshop on Group Life Assurance Policy
Insurance

Public Servants Welfare Capacity Enhanced With Workshop on Group Life Assurance Policy

June 19, 2025
Digital Eclipse, NIA Builds Digital Insurance Industry Withdraws From Traditional Models
Insurance

Digital Eclipse, NIA Builds Digital Insurance Industry Withdraws From Traditional Models

June 16, 2025
Next Post

Abuja Brokers Give High Five Collaboration To Heirs Duo 24hours Core Claims Responsibility

Please login to join discussion
NEM INSURANCE NEM INSURANCE NEM INSURANCE
  • Trending
  • Comments
  • Latest
Loss Adjusters Receive Charge To Match Speed Of New Developments

Loss Adjusters Receive Charge To Match Speed Of New Developments

April 27, 2024
tope smart NIA former chairman

Insurance Milestone: A Beacon To Follow

April 3, 2022
Custodian Investment To Acquire 51% Stake In UACN Property

Penetration: Operators Call For Insurance-In-Action

November 2, 2022
NCRIB And Universal In Pictures

NCRIB And Universal In Pictures

May 4, 2024
Reinsurance Rates May Increase Into 2022, But Momentum To Wane: Fitch

Reinsurance Rates May Increase Into 2022, But Momentum To Wane: Fitch

April 13, 2021
ncrib logo

NCRIB Sets The Stage For Adaramola’s Tenure

June 7, 2023
Preferred PenCom Logo

PenCom Board Crafted To Hedge Setback

February 1, 2021
Linkage Assurance Aligns With Brokers For Growth

Linkage Assurance Aligns With Brokers For Growth

December 6, 2021
PTAD Wipes 21,227 Parastatals Pensioners From Payroll

PTAD Wipes 21,227 Parastatals Pensioners From Payroll

January 31, 2021
Preferred PenCom Logo

PenCom Board Back-To-Work Pass, Gets Tick Over

May 4, 2025
Anchor MD Loses Father

Anchor MD Loses Father

2
Regulators Clear Guinea Insurance  For Private Placement

Regulators Clear Guinea Insurance For Private Placement

2
NAICOM Helmsman Thomas Leads African Insurance Supervisory Authorities

NAICOM Inaugurates Discount Rate Committee To Ease Insurance Contracts Under IFRS 17

2
Insurance Mastercard Joe Irukwu Passes On

Insurance Mastercard Joe Irukwu Passes On

2
AIICO Head office

Car Insurance Takes A New Turn With AIICO, ETAP ‘Redefine Partnership’

2
Authenticity Of Motor Policy, Technology Crowns Policyholders Verifying Partners

Authenticity Of Motor Policy, Technology Crowns Policyholders Verifying Partners

2
NAICOM Helmsman Thomas Leads African Insurance Supervisory Authorities

NAICOM Helmsman Thomas Leads African Insurance Supervisory Authorities

2
Ebere Nwoji Makes It Back To Back As 2023 Print Media Reporter

Ebere Nwoji Makes It Back To Back As 2023 Print Media Reporter

2
Loss Adjusters Receive Charge To Match Speed Of New Developments

Loss Adjusters Receive Charge To Match Speed Of New Developments

2
NAICOM Helmsman Thomas Leads African Insurance Supervisory Authorities

Federal Government & NAICOM Working On New Guidelines For Insuring Government Assets

2
Preferred PenCom Logo

Pension System Undulating Highs And Lows Creates Open Challenges

June 23, 2025
Generative AI Sweeping Reliance Destructive Without Human Oversight – NGX Chairman

Generative AI Sweeping Reliance Destructive Without Human Oversight – NGX Chairman

June 21, 2025
Public Servants Welfare Capacity Enhanced With Workshop on Group Life Assurance Policy

Public Servants Welfare Capacity Enhanced With Workshop on Group Life Assurance Policy

June 19, 2025
CPS Non-Compliance, PenCom Urges Newspaper Owners to Clear N720m Pension Debt

CPS Non-Compliance, PenCom Urges Newspaper Owners to Clear N720m Pension Debt

June 18, 2025
PenCom Pushes N30bn Gratuity For Civil Servants Under CPS, Demands FG Stop Persistent Delayed Accrued Benefits

PenCom Pushes N30bn Gratuity For Civil Servants Under CPS, Demands FG Stop Persistent Delayed Accrued Benefits

June 17, 2025
Digital Eclipse, NIA Builds Digital Insurance Industry Withdraws From Traditional Models

Digital Eclipse, NIA Builds Digital Insurance Industry Withdraws From Traditional Models

June 16, 2025
Microphone

AI Experience, Efficiency And Customer Satisfaction Unfolds at SUPERNEWS Confab

June 16, 2025
Leadway Assurance Pays N67.1bn Claims In 2023

Leadway Assurance Leads, Delivers ₦173.2Bn Insurance Revenue, ₦117Bn in Claims Payouts for 2024

June 16, 2025
Ilori

Maiden Insurance Week Adopts Wide Angle Lens to Capture All For Insurance

June 14, 2025
CAMCONIA Sprints With Full Vigour For Maiden Insurance Week

CAMCONIA Sprints With Full Vigour For Maiden Insurance Week

June 13, 2025
ADVERTISEMENT

Recent News

Preferred PenCom Logo

Pension System Undulating Highs And Lows Creates Open Challenges

June 23, 2025
Generative AI Sweeping Reliance Destructive Without Human Oversight – NGX Chairman

Generative AI Sweeping Reliance Destructive Without Human Oversight – NGX Chairman

June 21, 2025
Public Servants Welfare Capacity Enhanced With Workshop on Group Life Assurance Policy

Public Servants Welfare Capacity Enhanced With Workshop on Group Life Assurance Policy

June 19, 2025
CPS Non-Compliance, PenCom Urges Newspaper Owners to Clear N720m Pension Debt

CPS Non-Compliance, PenCom Urges Newspaper Owners to Clear N720m Pension Debt

June 18, 2025
PenCom Pushes N30bn Gratuity For Civil Servants Under CPS, Demands FG Stop Persistent Delayed Accrued Benefits

PenCom Pushes N30bn Gratuity For Civil Servants Under CPS, Demands FG Stop Persistent Delayed Accrued Benefits

June 17, 2025
Digital Eclipse, NIA Builds Digital Insurance Industry Withdraws From Traditional Models

Digital Eclipse, NIA Builds Digital Insurance Industry Withdraws From Traditional Models

June 16, 2025
Microphone

AI Experience, Efficiency And Customer Satisfaction Unfolds at SUPERNEWS Confab

June 16, 2025
Leadway Assurance Pays N67.1bn Claims In 2023

Leadway Assurance Leads, Delivers ₦173.2Bn Insurance Revenue, ₦117Bn in Claims Payouts for 2024

June 16, 2025
Ilori

Maiden Insurance Week Adopts Wide Angle Lens to Capture All For Insurance

June 14, 2025
CAMCONIA Sprints With Full Vigour For Maiden Insurance Week

CAMCONIA Sprints With Full Vigour For Maiden Insurance Week

June 13, 2025

How an Insurance Company is Using Entertainment to Promote Insurance Education in Africa

June 13, 2025
Image Spin: Insurers Committee Revolving Meeting Concludes The 18th in Lagos

Image Spin: Insurers Committee Revolving Meeting Concludes The 18th in Lagos

June 12, 2025
Leadway Advocates Safety First as Nigerians Embrace The New Year

Leadway Supports Nigerian Pavilion at the London Design Biennale 2025

June 11, 2025
Sanlam and Allianz, Beacons of Global & Continental Insurance Merge to Enhance Operations in Nigeria

Sanlam and Allianz, Beacons of Global & Continental Insurance Merge to Enhance Operations in Nigeria

June 10, 2025
NEM Insurance NEM Insurance NEM Insurance
Business Post

We connect brands with buyers and sellers of insurance, pension and also project insurance and allied Businesses to the trending generation. We help the various public to adapt to the constant changes as it would impact, and also enable advertisers to connect, engage and target opportunities on line , in print and in person.

Browse by Category

  • Business Unlimited
  • Feature
  • Insurance
  • News
  • OIL & ENERGY
  • Pension
  • Travel
  • Uncategorized

Recent News

Preferred PenCom Logo

Pension System Undulating Highs And Lows Creates Open Challenges

June 23, 2025
Generative AI Sweeping Reliance Destructive Without Human Oversight – NGX Chairman

Generative AI Sweeping Reliance Destructive Without Human Oversight – NGX Chairman

June 21, 2025
  • About
  • Advertise
  • Privacy & Policy
  • Contact

© 2023 BusinessPost

No Result
View All Result
  • Home
  • Insurance
  • Business Unlimited
  • OIL & ENERGY
  • Feature
  • News
  • Contact Us
  • About
  • Advertise
  • Privacy & Policy

© 2023 BusinessPost

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In