Insurance with Smart Contracts
Insurers have overlooked the needs of people who want to buy insurance and to reach new markets you need products that allow for better pricing. Our smart contracts and blockchain technologies allow for better back-end claims management which lowers costs and gives a better priced product.
Use Case: Personal Injury Product
We developed a blockchain powered system for a global insurer where the consumer bought a policy and had their entire claim processed in real-time.
Customer purchases the Personal Injury Product, it enters the blockchain, and he downloads the app
After getting looked at, he initiates claim by uploading images of medical receipts via app
OCR function extracts information from medical receipts that is validated against the smart
Claims payout is triggered to customer if smart contract validation is completed successfully