Our proposal implies automating smart contract-enabled decision-making. The smart contract operates in a distributed blockchain environment in an completely independent and decentralized manner. Data is added into the smart contract, processed according to the embedded logic, and makes an output decision on payment/non-payment and the amount of compensation.
Insurance – Smart Contract Decisions Regarding Insurance Event
Automated, decentralized decision-making process concerning the occurrence of the insured event. A smart contract automates the decision-making process concerning the occurrence of the insured event based on the data from external sources. Removing the human factor from the insured event approval.
Disadvantages of the existing model
The existing operating model has the following disadvantages:
The interest of insurance companies in reduced insurance benefits
The proneness of an insurance company to subjective judgments with due regard for its own interests, just to name a few.
The insurance company’s employees are able to process a limited number of documents per unit of time.
The smart contract acts as the insurance company’s experts that assess input documents and make a decision to pay or not to pay compensation. The smart contract is a code describing the decision-making logic open for audit.
The insured can be attracted by the unbiased consideration given to his or her insured event and guaranteed payment of benefit. The insured can rest assured that neither party will be able to affect his or her final decision.
Advantages of blockchain
The compensation payment decision is made by the smart contract in a decentralized network. Stakeholders are unable to affect the decision or suspend payment contrary to the existing agreements.
The smart contract makes a decision based solely on the objective characteristics. The sources providing data are independent from both the insured and the insurer.
The smart contract is capable of processing requests without any pauses. Given the Credits platform performance, it is safe to say that insured events will be processed 24\7.
The smart contract automates the existing business process, thus freeing up the human resources of insurance companies.
The use of blockchain in business processes enables independence from local laws – operations run in virtual space and cannot be suspended.
Decision-making conducted exclusively within the smart contract-described logic boosts customer confidence in an insurance company.
Blockchain automates decision-making process in the insurance industry
We have created a unique blockchain platform which makes it possible to adopt blockchain technology in a variety of existing industries
Single protocol for issuing, storing and transferring various types of assets
Infrastructure on a distributed network with a public registry
Accounts system with public and private keys
Set of security systems
Built-in programming language for creating services
We have a strong team of programmers and support offering:
Consultations on how to use technologies
Help with PoC (proof of concept) and MVP development