Blockchain in Insurance

No Claims Delays. No Data Duplicity. No Policy Frauds

Build better products with Insurance over Blockchain

Revinfotech’s signature blockchain for Insurance solution can help enterprises address critical bottlenecks such as duplicate entry, fraudulent claims and unforeseen delays in claims handling. Build on the foundation of trust, the system is a peer-2-peer model that produces total transparency, fastens processing and cuts down on time and money.

The Need of Blockchain Applications in Insurance

Insurance companies have to store, verify and process huge volumes of customer data and release payments against claims. An absence of an automates solution has left behind a complicated ecosystem inviting inaccurate claims handling and policy manipulation. Not to miss a helpless customer who has no choice but to avail the services of an underperforming sector.

For the insurance sector, blockchain cryptographically links together claims data, transaction data and other valuable data sets from all stakeholders. The data stored in a ledger is copied to all thereby assuring complete transparency.

Blockchain in Insurance - Automate and Accelerate Data Processing

Revinfotech holds proven expertise in building end-to-end blockchain infrastructure for BFSI products that help cut costs, save resources and stay in compliance with regulations. Through self-governed smart contracts, our insurance on blockchain application automates risk modelling, auditing and compliance checks. It brings all stakeholders on the same board thereby eliminating false entries and encouraging trust among all. Our insurance over blockchain application comprehensively impacts the following 6 pillars of the industry.

Anti-Money Laundering (AML)

All primary and secondary stakeholders such as insurers, reinsurers, regulators, validators, brokers and customers share data in a tamper-proof repository producing enhanced visibility.

Anti – Fraud

A shared database with multiple levels of security compliance stamps ownership of valuable assets eliminates double-entries and double claims processing.

Re-insurance

Streamlines transactional data between insurers and re-insurers. The insurer updates primary data in the smart contract accessed by re-insurers, regulators and retrocessionaires.

Parametric Insurance

The smart contract triggers policy execution in an event of loss covered by the insurance logic. Works for all Insurance linked securities and bonds.

Claims

Reduce claims fraud by eliminating data silos. Grant customers more control over their own data, including access rights

Peer-2-peer Models

Enhance existing P2P models, such as reciprocals and mutual, by automating tasks and holding funds in escrow on smart contracts

Revinfotechr’s Differentiator – Blockchain Application for Insurance Value Chain

Revinfotech creates a common processing and perception ledger between the institution (such as clinics etc.) and the insurer. This helps in cutting down data capturing and exchanging effort thereby fastening the claims process instantly and accurately. The shared communication mechanism improves claim validation and payments while abbreviating the overall risk of manual errors. Built to work for all possible use cases, Revinfotech’s custom made solution works across the Insurance value chain.

  • Self-Governed Claims Handling & Underwriting
  • Eliminated Risk of Frauds
  • Handle Both Group and Individual Policy
  • Replicated to all Types of Insurances
  • Eliminated Dependency on Intermediaries
  • Reduce Due-Diligence
  • Built in Security & Scalability
  • No Single Storage of Data

Revinfotech’s Differentiator – Blockchain Application for Insurance Value Chain

Revinfotech creates a common processing and perception ledger between the institution (such as clinics etc.) and the insurer. This helps in cutting down data capturing and exchanging effort thereby fastening the claims process instantly and accurately. The shared communication mechanism improves claim validation and payments while abbreviating the overall risk of manual errors. Built to work for all possible use cases, Revinfotech’s custom made solution works across the Insurance value chain.

Smart Contract

OCR

IPFS

User-onboarding

Built-in Invoicing

Reporting Analytics

Funds Management

User Management

Claims Management

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