sofoInsure – Blockchain Insurance to Automate Claim Settlement

sofoInsure – Blockchain Insurance to Automate Claim Settlement

by Sofocle Admin

sofoInsure – Automate Claim Settlement

A Blockchain based insurance solution that utilizes Smart Contract, AI and Mobile App to Automate Insurance Processes.

sofoInsure is a blockchain application for insurance industry that has been designed keeping in mind the pain areas of the insurance industry. It aims to minimize paper work by allowing the insured to upload the documents via a mobile app.
sofoInsure creates a Smart Contract of the insurance agreement made between the insurer and the insured. The Smart Contract is coded to get executed autonomously, if specified condition(s) are met, which in the case of a claim are occurrence of pre-defined events and automated verification of the claim.

With sofoInsure, an insurer can drastically reduce the operational cost involved in collecting & storing documents and processing claims. The insurance company can easily differentiate itself from its competitors by offering autonomous claim payout system.

Since sofoInsure is based on Blockchain technology:

blockchain in insurance

sofoInsure for Travel Insurance

sofoInsure at the center of travel insurance drastically reduces claim settlement time for the frequent travelers who often deal with flight delays. It also helps them to buy insurance policies seamlessly through the mobile app without the need of submitting long proposal forms.

For the travel insurance company, sofoInsure helps in eliminating paper work, bringing down the insurance cost and speed up insurance process. Also, with sofoInsure, travel insurance companies can offer fast settlement and easy policy buying options to customers, thus differentiating their services from the competitors.

sofoInsure for travel insurance utilizes:
sofoInsure for travel insurance
Smart Contracts

For automated claim settlement

Smart Contracts
Flight Data

From third party providers, for triggering Smart Contracts

triggering Smart Contracts
Mobile App

With OCR – ICR ability to automatically capture data from an image

Process Flow of sofoInsure for Travel Insurance
Flow of sofoInsure

sofoInsure for Motor Insurance

sofoInsure drastically reduces the time and effort involved in filing low amount claims against a motor insurance policy. More than 60% claims filed by different vehicle owners are as low as INR 20,000. Still, the paper work and resources used in surveying the damaged vehicle of even these claims cost considerably to the motor insurance company. And the insured has to go through unnecessary hassles of filing documents and waiting for the payout amount.

In the present scenario, when a vehicle gets damaged, insured needs to go through a claims process wherein an auditor inspects the vehicle and then decides how much the customer/insured will be compensated. After the audit, documents of the insured are then sent the insurance company. This process is lengthy and exhausting as the motor insurance companies need to spend a lot of resources to thoroughly validate submitted documents and then process claim.

sofoInsure for motor insurance deploys the concept of self-survey wherein the vehicle owner himself surveys the damaged vehicle and uploads the pics of the damaged parts with the requisite claim documents. Upon submitting the claim via mobile app, the solution suggests liability to the customer (insured), utilizing data analytics tools. Thus, a customer is able to get on the spot settlement.

Process Flow of sofoInsure for Motor Insurance
sofoInsure for Motor Insurance

“sofoInsure has been designed keeping in mind challenges faced while processing claims and purchasing policies of different types of insurances. Though Blockchain is at the core of this solution, it utilizes various other technologies and tools such as data analytics, mobile apps, AI to enhance the experience of the insured and reduce the operational cost of the insurer.”