Legacy platform

  • Consumer data is especially valuable telematics and Usage-Based Insurance.But, insurer, not customer, owns usage data and associated benefits
  • Consumer data does not migrate with customer from one insurer to the next
  • Claims typically processed manually, requiring extensive central validation
  • Manual processing can introduce bothdecision subjectivity and errors
  • Subsequently claims processing is slow, complex and subject to human error
  • Tracing provenance relies upon faithful record-keeping along with item
  • No secure documented trail back to origination of article (e.g., art, diamond)
  • Growing threat from fraud based on false claims for staged incidents
  • Claims often made against several policies held by independent insurers
  • raud detection almost impossible without cross-party industry data

BlockChain platform

  • Consumer data exists independently of insurer
  • Data access can be granted by consumer through their public key to any third party
  • Enhanced risk-assessments and underwriting made possible by more complete behavior history
  • Smart contract which enforces and pays out against insurable event without manual administration
  • Claims processed and paid on a logic-based system requiring all information to be complete
  • Distributed validation network ensures only legitimate and complete claims are paid out on basis of independently verifiable oracle feed
  • Claims processing and management is transparent, accurate and irrefutable
  • Initial provenance recorded with immutable time and date stamp and proof of existence (e.g., photograph)
  • Subsequent ownership and location can be recorded in secure, immutable, chained history of object
  • Distributed network independently validates (by consensus) contracts and claims to be paid
  • Network verifies true identities to avoid duplication
  • Storing history of claims in distributed cross-industry database enables detection of fraudulent behavior patterns

Solution