Insurance - Blockchain

CPC Technologies have built blockchain solutions for leading financial services companies, focusing on distributed-ledger technologies, thought leadership and patents, co-innovation of proofs of concept, and the creation of partner ecosystems within and outside the insurance industry.

Challenges

Even in this digital age, the vast majority of insurance policies and claims are still handled manually, and systems continue to have human touchpoints. While these manual processes are mostly functional, there is always the risk of human error, data tampering, or misinterpretation. The integration of blockchain technology can benefit insurers and other businesses in terms of process, efficiency, risk management, and improved customer engagement. The global insurance market is fiercely competitive. Customers, both retail and corporate, expect high-value product offerings at reasonable prices, as well as prompt product distribution and claims processing.

Solution

The emergence, sophistication, and acceptance of blockchain technology by CPC Technology solutions enables insurers to benefit from more efficient workflows, cost savings, greater transparency, faster claims processes, and a reduction in fraud.


Insurance applications for blockchain technology

Property & casualty insurance –

Automobile, commercial, and home insurance are the most common types of property and casualty insurance. Processing claims necessitates a substantial amount of manual entry, which leaves room for human error. Using blockchain technology, claims processes could be three times faster and five times cheaper. The claims and payment processes can be automated to increase efficiency and accuracy by using shared ledgers and smart contracts to issue insurance policies.

Smart contracts can convert paper contracts into programmable code, which aids in the automation of claims processing.

Fraud detection & risk prevention –

The insurance industry's processes are out of date, which leaves room for error and potential fraud. To combat this, insurance companies could store and claim information on a ledger, which would aid in communication and the detection of suspicious behaviour. The use of blockchain validation and user transparency to automate the claims process. CPC Technologies hopes that its simplified method of claims verification will help to prevent insurance fraud and ensure fair pay-outs.


Benefits:

Enhances efficiency –

Because so many processes in the insurance industry are manual and time-consuming, blockchain can help to streamline paperwork and reconciliation.

Increases trust –

Blockchain cryptography ensures that transactions are secure, authenticated, and verifiable, while also protecting customer privacy.

Claims processing –

Blockchain enables real-time data collection and analysis, which could significantly speed up claim processing and pay-outs.

Smart contracts –

These programmable contracts include logic that is executed automatically when certain conditions are met Because these if or then contracts reduce back-end paperwork.