Insurra 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 mobile app.
Insurra 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 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 autonomous claim payout system.
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
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 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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