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Blockchain in Insurance

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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.

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Blockchain in Insurance

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  1. CorporateOffice Unit#403,3rdFloor ChandralokTower, Kapoorthala, KapoorthalaCommercialComplex, Aliganj, Lucknow (Uttar Pradesh) PinCode-226020 BlockchaininInsurance NoClaimsDelays. NoDataDuplicity. No PolicyFrauds. The Need of Blockchain ApplicationsinInsurance Insurancecompanies havetostore, verifyandprocesshuge volumesofcustomerdataand release paymentsagainst claims.An absence ofanautomatessolutionhasleft behind a complicated ecosysteminvitinginaccurate claims handlingandpolicymanipulation.Nottomissahelpless

  2. 2 customerwhohasnochoicebuttoavailtheservicesofanunderperformingsector. Fortheinsurancesector,blockchaincryptographicallylinkstogetherclaimsdata,transactiondataandother valuabledatasetsfromallstakeholders.Thedatastoredinaledgeriscopiedtoalltherebyassuringcomplete transparency.

  3. 3 BlockchaininInsurance-Automateand Accelerate DataProcessing Dunitechholdsprovenexpertiseinbuildingend-to-endblockchain infrastructure for BFSIproductsthathelpcutcosts,saveresourcesand stayincompliancewithregulations. Anti-MoneyLaundering(AML) All primaryandsecondarystakeholderssuchasinsurers,reinsurers,regulators,validators,brokers andcustomerssharedatainatamper-proofrepositoryproducingenhancedvisibility. Anti–Fraud Ashareddatabasewithmultiplelevelsofsecuritycompliancestampsownershipofvaluableassets eliminatesdouble-entriesanddoubleclaimsprocessing. Re-insurance Streamlinestransactionaldatabetweeninsurersandre-insurers.Theinsurerupdatesprimarydatainthe smart contract accessed byre-insurers,regulatorsandretrocessionaires. ParametricInsurance Thesmart contracttriggerspolicyexecutioninaneventoflosscoveredbytheinsurancelogic.Works for allInsurance linkedsecuritiesandbonds.

  4. 4 Claims Reduceclaimsfraudbyeliminatingdatasilos.Grantcustomersmorecontrolovertheirowndata, includingaccess rights Peer-2-peerModels EnhanceexistingP2Pmodels,suchasreciprocalsandmutual,byautomatingtasksandholdingfundsin escrow on smart contracts Dunitech's Differentiator - BlockchainApplicationforInsuranceValueChain Dunitechcreatesacommonprocessingandperceptionledgerbetweentheinstitution (suchasclinicsetc.)andtheinsurer.Thishelpsincuttingdowndatacapturingand exchangingefforttherebyfasteningtheclaimsprocessinstantlyandaccurately.The sharedcommunicationmechanismimprovesclaimvalidationandpaymentswhile abbreviatingtheoverallriskof manualerrors.Builttoworkforallpossibleusecases, Dunitech'scustom made solutionworksacrosstheInsurancevaluechain. • Self-GovernedClaims Handling & Underwriting • Replicatedtoall Types ofInsurances • Builtin Security& Scalability • EliminatedRiskofFrauds • Eliminated Dependency onIntermediaries • NoSingleStorageof Data

  5. 5 • Handle Both Group and Individual Policy • ReduceDue-Diligence

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