At Sofocle, we’re proud to introduce you to Insurra, our specifically designed solution for all things blockchain that aids insurance processes with the help of a dedicated mobile app, AI, and Smart Contracts. Of course, Insurra has been designed keeping in mind the weak areas of the insurance industry. Therefore, our main aim with Insurra is to minimize paperwork by allowing the insured to upload the documents via a mobile app.
Insurra has been made to intelligently craft a Smart Contract of the insurance agreement made between the insurer and the insured. The Smart Contract is then coded to be executed autonomously if, say, the specified condition(s) are met, which in the case of a claim are the occurrence of pre-defined events and automated verification of the claim. With Insurra, 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 an autonomous claim payout system. After all, Blockchain for insurance industry is very crucial for the insurance companies as it allows these firms to better serve the market by saving time, cutting costs, and comply with stringent regulations. There are numerous benefits of implementing Blockchain in insurance sector for the said companies in order for them to operate in a highly competitive market. One can expect to sustain the most examined value for money proposition with Blockchain in insurance industry thanks to the most superior online experience. And this can all be done courtesy of our intelligently crafted Insurra.
There is no central/third party authentication required, the solution itself validates the uploaded information against the Smart Contract.
Smart Contracts once created, can’t be altered.
All the details are securely stored and can be referred anytime in the future.
Insurra 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, Insurra helps in eliminating paper work, bringing down the insurance cost and speed up insurance process. Also, with Insurra, travel insurance companies can offer fast settlement and easy policy buying options to customers, thus differentiating their services from the competitors.
For automated claim settlement
From third party providers, for triggering Smart Contracts
With OCR – ICR ability to automatically capture data from an image
Insurra has taken the claim settlement process to the next level. Generally, every farmer gets his farm or crop got insured due to weather conditions. Still, due to paperwork policy, these claims got into trouble. Data collection has got a tough challenge from the paperwork which can lead to mistakes in writing from the data processor and then transported to the web database, which very exhaustive. Even after such hard work, innocent farmers get devastated due to mistakes from the insurance company's end.
Our application deploys the concept of the smart contract between the farmer and the insurance company. The insurance company will get the report of weather from Weather Services. And based upon these reports payment process gets into action and gets credited to the farmer’s(insured) account.
Customer scans his boarding pass and passport
is made on the Blockchain based on Policy’s T&C
Customer receives notification from the app, if the flight is delayed
Customers lls bank account details and submit via Mobile App
Claims payout is triggered in customer’s bank account, on successful contract validation.
Insurra is built to give a challenge to the existing system of farmer’s insurance structure. Through blockchain technology, the solution can utilize various other technologies and tools of Artificial Intelligence, Data analytics and many more to procure the interest of the user and reduce the stress and mismanagement that occur in the process.
Insurra drastically reduces the time and effort involved in filing low amount claims against a motor insurance policy. Majorly, claims filed by different vehicle owners are of less amount. 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 sumitted documents and then process claim.
Insurra 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.
Customer upload pics of the damaged vehicle with claim documents
Based on data analytics tools, the solution will suggest liability to the customer
The customer needs to give his approval on the suggested claim amount
After customer consent, claims will get approved and payment will get credited to customer’s bank account
Insurra 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.
WORK WITH US TODAYBlockchain Technology based on Distributed Ledger concept is being exploited by BFSI companies to increase efficiency and reduce cost. While Blockchain has found wonderful use cases for the Banking and Financial Services organization, experts have predicted that it is going ‘Disrupt’ the insurance industry in a true sense. No wonder…
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