Financial institutions and Insurance companies by implementing blockchain based solutions within their organization will definitely advance their solutions and offer fast and reliable services to its customers. More and more financial organization are approaching to blockchain technology and experimenting with it to develop unique solutions. The analyst expects blockchain technology will revolutionize financial institutions across the world.
Blockchain technology secures the data on insurance and provides more accurate information. Insurance firms mostly use blockchain technology to enhance their quality, transparency, and accessibility of insurance data. It offers amazing tools for insurance firms to exchange and share data.
An Insurance technology company, named BlockClaim, successfully received funding of worth $627,000 (approx. €500,000) for developing its claims solution powered by blockchain. Official blog post, the statement read on 17th June 2019, stated.
The Insurance Company did not generate the fund from a single firm; instead, various capital venture companies helped the insurance company to raise such a hefty amount. The capital venture firms that have contributed towards the funding are namely, Pragmatica- a software company, Amadeus Capital Partners, angel investors, and others.
BlockClaim on its website mentioned, the insurance firm makes use of secret blockchain technology to simplify the claims procedure. By using the private blockchain technology features, enables the firm to maintain clean and accurate data, increases the processing time, and also scales up to the visibility of claim within the ecosystem.
According to insurance firm information, BlockClaim utilizes blockchain based technology to computerize its claiming techniques. Adding more to this, the insurance firm mentions the product decreases the claim cost by almost 20 percent and also enables for quick settlements.
The blockchain based product of the firm apparently uses artificial intelligence (AI) technology that allows the company to detect fraud. For example, the post states, the blockchain platform of BlockClaim utilizes image recognition tool of an artificial intelligence module, and this will examine the images registered in vehicle accident claims are appropriately representing the defective vehicle in question.
The features that will be added to the blockchain AI system are self-learning fraud detection and intelligent claims routing.
Earlier to this, another leading insurance company Legal and General had partnered with the leading e-commerce firm Amazon so as to use its blockchain platform to develop a blockchain system for corporate pensioners.
The CEO of Legal and General Reinsurance, Thomas Olunloyo stated the usefulness of blockchain technology to achieve its objectives saying, the blockchain platform of Amazon enables information and transaction to sign, record and maintain them in a permanent and secure manner for the lifetime of contracts. The lifetime of these contracts might be for 50 years or more.