Dunitech007
Uploaded on Mar 30, 2023
Category
Business
Insurance companies must store, verify, and process massive amounts of customer data in order to make payments on claims. The lack of an automated solution has resulted in a complex ecosystem that invites inaccurate claims handling and policy manipulation. Not to overlook a helpless customer who has no choice but to use the services of a failing industry.Blockchain cryptographically connects claims data, transaction data, and other valuable data sets from all stakeholders in the insurance industry. The data in a ledger is copied to all, ensuring complete transparency.
Category
Business
Blockchain in Insurance
CorporateOffice
Unit #403, 3rd Floor
ChandralokTower,Kapoorthala,
Kapoorthala Commercial
Complex,Aliganj, Lucknow (Uttar
Pradesh)Pin Code- 226020
BlockchaininInsurance
NoClaimsDelays.NoDataDuplicity.NoPolicyFrauds.
TheNeedofBlockchain
ApplicationsinInsuran
ce
Insurancecompanieshavetostore,verifyandprocesshugevol
umes of customer data and release payments
againstclaims.Anabsenceofanautomatessolutionhasleft
behindacomplicatedecosysteminvitinginaccurateclaimsha
ndlingandpolicymanipulation.Nottomissahelpless
2
customerwhohasnochoicebuttoavailtheservicesofanunderperformingsector.
For the insurance sector, blockchain cryptographically links together claims data, transaction
data and
othervaluabledatasetsfromallstakeholders.Thedatastoredinaledgeriscopiedtoalltherebyassuringcomplete
transparency.
BlockchaininInsurance-Automateand
AccelerateDataProcessing
Dunitech holds proven expertise in building end-to-end
blockchaininfrastructureforBFSIproductsthathelpcutcosts,savere
sourcesandstayincompliancewithregulations.
Anti-MoneyLaundering(AML)
Allprimaryandsecondarystakeholderssuchasinsurers,reinsurers,regulators,validators,brok
ersandcustomerssharedatainatamper-proofrepositoryproducingenhancedvisibility.
Anti–Fraud
Ashareddatabasewithmultiplelevelsofsecuritycompliancestampsownershipofvaluableassetseliminatesd
ouble-entriesanddoubleclaimsprocessing.
Re-insurance
Streamlinestransactionaldatabetweeninsurersandre-
insurers.Theinsurerupdatesprimarydatainthesmartcontractaccessedbyre-
insurers,regulatorsandretrocessionaires.
ParametricInsurance
Thesmartcontracttriggerspolicyexecutioninaneventoflosscoveredbytheinsurancelogic.WorksforallIn
surancelinkedsecuritiesandbonds.
Claims
Reduceclaimsfraudbyeliminatingdatasilos.Grantcustomersmorecontrolovertheirowndata,includingacce
ssrights
Peer-2-peerModels
EnhanceexistingP2Pmodels,suchasreciprocalsandmutual,byautomatingtasksandholdingfundsinescrowons
martcontracts
Dunitech'sDifferentiator-
BlockchainApplicationforInsuranceValueChain
Dunitechcreatesacommonprocessingandperceptionledgerbetweentheinstitution(su
ch as clinics etc.) and the insurer. This helps in cutting down data capturing andexchanging effort
thereby fasteningthe claims process instantly and accurately. Theshared
communication mechanism improves claim validation and payments
whileabbreviatingtheoverallriskofmanualerrors.Builttoworkforallpossibleusecases,Dun
itech'scustommadesolutionworksacrosstheInsurancevaluechain.
● Self-GovernedClaimsHandling&Underwriting
● ReplicatedtoallTypesofInsurances
● BuiltinSecurity&Scalability
● EliminatedRiskofFrauds
● EliminatedDependencyonIntermediaries
● NoSingleStorageofData
5
● HandleBothGroupandIndividualPolicy
● ReduceDue-Diligence
Comments