Blockchain in Insurance

Blockchain in Insurance Services

Blockchain in Insurance

Building Blockchain in Insurance Solutions to Revolutionize the Industry

No Claims Delays. No Data Duplicity. No Policy Frauds.

Insurance companies have to store, verify, and process huge volumes of customer data and release payments against claims. The absence of an automated solution has left behind a complicated ecosystem inviting inaccurate claims handling and policy manipulation. Not to miss a helpless customer who has no choice but to avail the services of an underperforming sector.

For the insurance sector, blockchain cryptographically links together claims data, transaction data, and other valuable data sets from all stakeholders. The data stored in a ledger is copied to all thereby ensuring complete transparency.

Blockchain in Insurance - Automate and Accelerate Data Processing

Proven Expertise in Building Blockchain Infrastructure for BFSI Products

Anti-Money Laundering (AML)

All primary and secondary stakeholders including insurers, reinsurers, regulators, validators, brokers, and customers share data in a tamper-proof repository producing enhanced visibility.

Parametric Insurance

The smart contract causes the policy to be executed upon loss covered by the insurance logic. Works for all Insurance-linked securities and bonds.

Claims

Reduce claims fraud by eliminating data silos. Give customers more control over their own data, including access rights

Peer-2-peer Models

Enhance existing P2P models, such as reciprocals and mutual, by automating tasks and holding funds in escrow on smart contracts

Anti – Fraud

A shared database with multiple levels of security compliance stamps ownership of valuable assets and eliminates double-entries and double-claims processing.

Re-insurance

Streamlines transactional data between insurers and reinsurers. The insurer updates primary data in the smart contract accessed by re-insurers, regulators, and retrocessionaires.

Blockchain Application for Insurance Value Chain

Streamlining Claims with Blockchain for Faster, Accurate Processing and Reduced Risk

  • Self-Governed Claims Handling & Underwriting
  • Replicated to all Types of Insurances
  • Built in Security & Scalability
  • Eliminated Risk of Frauds
  • Eliminated Dependency on Intermediaries
  • No Single Storage of Data
  • Handle Both Group and Individual Policy
  • Reduce Due-Diligence

How Can Dunitech Soft Solutions Help You Blockchain in Insurance

Dunitech Soft Solutions blockchain in insurance creates a common processing and perception ledger between the institution (such as clinics etc.) and the insurer. This helps in cutting down data capturing and exchanging effort thereby fastening the claims process instantly and accurately. The shared communication system reduces the total risk of manual errors while improving claim validation and payouts. Dunitech's unique solution is designed to work across the insurance value chain and is suitable for all potential use cases.

Faq's of

Faq's

Blockchain can benefit insurance companies to reduce costs due to streamlined processes and accuracy in the services offered. In addition, blockchain technology helps enhance trust between insurers and customers for more secure transactions and better reliability.

The main advantages of blockchain in insurance are higher accuracy, quicker processing times, lower costs, and greater trust.

Smart contracts are used in insurance to automate the processing of claims and management of policies.

The future of Blockchain for insurance is pretty bright. Insurance companies are increasingly using the technology, and its applicability is poised to expand into the future years.

Yes, there are risks involved in the use of smart contracts in insurance. Because smart contracts are automated, there is a risk of erroneous results from incomplete or inaccurate data.

Book a meeting