Insurance claims handling is cumbersome for customers and expensive for insurance companies. Insurance claims handling processes have evolved only incrementally since online customer interfaces emerged. Customers want certainty that their claims will be assessed in a timely, transparent and objective manner while the Insurers want to reduce steadily climbing administrative costs and fraud losses. Both the customers’ and insurers’ challenges are derived from current claims handling processes that rely on subjective and manual steps to verify and assess information.
Synechron’s InsurTech Accelerators built on the Blockchain builds trust by:
- Distributing the database with customers and the insurer as nodes
- Updating the customer’s personal, contract and payment details directly onto the blockchain via the customer interface layer
- Executing the payments via the blockchain wallet
- Enabling smart contracts to automatically execute based on authoritative data sources and the customer details
- Ensuring authoritative data sources produce independent, trusted and indisputable evidence
To learn more about our Blockchain solutions for InsurTech and the work we’re doing email us at firstname.lastname@example.org