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Blockchain in Insurance

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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