DynaQuest Technology Services Inc – Award Winning Blockchain Solutions
  • HOME
  • ABOUT US
    • Partners
    • Reaching Out
    • Events
  • INDUSTRY SOLUTIONS
    • FinTech
    • InsurTech
    • HealthTech
    • BPO
  • BLOCKCHAIN
    • Blockchain Integration
    • Blockchain Pilot
    • Blockchain Tokenization and ICO
    • Digital Identities
  • IMPACT TECHNOLOGIES
    • Decentralized Economies
    • Indigenous Project
    • Smart Cities
    • Sustainability Framework
  • BLOG
  • CONTACT
  • HOME
  • ABOUT US
    • Partners
    • Reaching Out
    • Events
  • INDUSTRY SOLUTIONS
    • FinTech
    • InsurTech
    • HealthTech
    • BPO
  • BLOCKCHAIN
    • Blockchain Integration
    • Blockchain Pilot
    • Blockchain Tokenization and ICO
    • Digital Identities
  • IMPACT TECHNOLOGIES
    • Decentralized Economies
    • Indigenous Project
    • Smart Cities
    • Sustainability Framework
  • BLOG
  • CONTACT
September 14, 2018  |  By dynaquest_admin In Blockchain, Blockchain on Insurance, Insurance

Automation and Blockchain = Transforming Insurance Claims by Elimination

insurance blockchain automation

The insurance industry has seen technologies come and go, from the early days of the intranet and private computers that exist to process information into data. Today, these technologies have since been retired as the intranet has given way to today’s complex internet structure while private computers have moved past its bulky format into thousands of computers that are living inside a server as virtual computing machines.

Despite the transfer of technology, the insurance industry process of enrollment, claims, reinsurance and maturity have practically relied heavily on paperwork and tedious processes that require collaboration across institutions.

Since 2012, the development of Blockchain has focused in alleviating the costly, time-consuming and redundant processes that are still associated with insurance. Blockchain’s premise of self-processing transactions, smart contracts keeping and decentralized applications are designed to help the insurance industry practice a lean and streamlined insurance processes. This disruptive but culminating premise is seen to save the global insurance industry – billions in terms of resources needed to complete an insurance cycle.

Automation for Mobility

Despite the information systems that are employed by large-scale industry institutions, claims based on maturity and health dependent medical insurance coverages have yet to keep up with the patient’s needs for its enacted policies. Often, paperwork and deep information verification are lagging behind the need for real-time policies to be claimed for medical coverage.

Automating the process of claims has been widely discussed and with the application of smart contracts that store policies of the customer, the process of claiming can be made faster, seamless and automatic under a Blockchain enabled information system.

By underwriting medical information into a beneficiaries’ mobile device that contains encrypted data of the permissioned insurance policies under the Blockchain, insurance companies can process medical claims without the need to see medical information to validate a claimants insurability.

No Claims Process?

Under a common insurance claims process, each insurance provider has their respective claims process. What they have in common is the amount of work needed to complete the insurance claim process. Policy beneficiaries must first gather all required information into filed paper to start the claim process. It is processed, verified and coordinated with relevant parties in the insurance stream. The claim is processed and the beneficiary must also pass several verification checks to claim their benefits.

But what if, under Blockchain, the claims process becomes self-fulfilling and does not require information clerks as verifiers?

That is the simplicity and automation that Blockchain is developing to not only shed time and cost, but also enhance the total insurance experience for their clients.

In a permissionless claims process under Blockchain, when the insurance policy matures, it will notify the parties involved: the claimant, the administration and finance as well as partners that the claim is ready. Under conditional provisions, smart contracts are self-executing when the underwritten data is triggered by an event variable that matches the policy clauses.

All in all, the customers are the ones who are to benefit from Blockchain’s fulfillment of the claims process. It becomes self-sustaining self-actuated, and given the structure of the distributed ledger, the claims process cannot be interfaced with fraudulent claims. This too, will help combat insurance false claims.

DynaQuest Technology Services is a Blockchain consulting, resource provider and support specialist for insurance companies that are looking to transition to Blockchain.

blockchain blockchain in insurance insurance blockchain
Previous StoryHow Disruptive Technologies are Changing the Insurance Industry
Next StoryBlockchain for Humanitarian Aid Programs

Related Articles

  • ALA 1
    DynaQuest Wins Innovative Company of The Year & CSR Company of The Year in Asia Leaders Award 2022
  • Rising-Tigers-Ball-1
    DynaQuest At The Rising Tigers Magazine Ball 2022

Leave your comment Cancel Reply

You must be logged in to post a comment.

Archives

  • December 2022
  • October 2022
  • September 2022
  • August 2022
  • July 2022
  • June 2022
  • April 2022
  • March 2022
  • February 2022
  • November 2021
  • September 2021
  • July 2021
  • February 2021
  • January 2021
  • December 2020
  • November 2020
  • September 2020
  • August 2020
  • July 2020
  • June 2020
  • May 2020
  • April 2020
  • March 2020
  • February 2020
  • November 2019
  • September 2019
  • August 2019
  • July 2019
  • June 2019
  • May 2019
  • April 2019
  • March 2019
  • February 2019
  • January 2019
  • December 2018
  • October 2018
  • September 2018
  • August 2018
  • July 2018
  • June 2018

Quick Links

  • ABOUT
  • INDUSTRY SOLUTIONS
  • BLOCKCHAIN
  • IMPACT TECHNOLOGIES
  • BPO
  • BLOGS
  • CONTACT
  • PRIVACY POLICY

Follow Us

DynaQuest is a member of:

Sponsored Child: N/A

Donation :      N/A

    Kid Name

    Amount

    Name

    Email

    By pressing "Submit" your choice for sponsorship will be finalized.
    Please double check before submitting and thank you for your generosity

    DESIGNED AND DEVELOPED BY
    GLOBAL WEBFORCE
    COPYRIGHT © DYNAQUEST