BLOCKCHAIN The Ultimate Disruption In The FINTECH Industry

bc3.pngInsurechain – Blockchain Technology

Insurechain is a solution that facilitates the automation of premium calculations, the management of appraisals and the settlement of certain types of claims, ensuring end-user transparency.

Scenario

Over the years, complexity and costs related to the management of insurance processes have undermined the profitability of companies and inhibited the distribution of innovative insurance products.

The world of insurance is governed by countless processes, requiring enormous investments in terms of financial and human resources.

Above all, this complexity hinders the development and dissemination of so-called micro policies, in other words those insurance products with low premiums and limited duration.

All companies are therefore searching for solutions to increase the efficiency of their actuarial, verification and claim settlement processes, so as to ensure the reduction of associated costs and guarantee the best possible end-user experience.


Focus On

The Insurechain technology solution consists of a web application with a software component (smart contract) that is published and executed on the Ethereum blockchain.

The smart insurance contract includes the rules associated with setting the premium and the settlement verification. Both functionalities are coded in the Solidity language. The verification of reimbursement conditions is based on the services of an “oracle”, whose task is to certify the corresponding weather data, ensuring authenticity and lack of tampering. Finally, the smart contract displays the status and progress of the policy on the blockchain, without disclosing any sensitive customer data.

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Blockchain as a Solution

  • All that is required is a web portal or a smartphone to underwrite, activate and verify the status of a policy.
  • The insurance contract is generated in the form of a smart contract and published on the blockchain, rendering the policy rules transparent.
  • The smart contract independently verifies the contract conditions by drawing upon multiple verified sources of data.
  • In the event that claims are ascertained, the software contract automatically settles or authorises the corresponding claim payments.

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