Insurance – Smart Contract Decisions Regarding Insurance Event

Insurance – Smart Contract Decisions Regarding Insurance Event

Automated, decentralized decision-making process concerning the occurrence of the insured-against event. A smart contract automates decision-making process concerning the occurrence of the insured-against event based on data from external sources. Removing the human factor from the insured-against event approval.

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Disadvantages of the existing model

The existing operating model has some disadvantages, such as

The interest of an insurance company in reduced insurance benefits or

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 time.

New model

Our proposal implies automating smart contract-enabled decision-making. The smart contract operates in a distributed blockchain environment in an absolutely independent and decentralized manner. Data goes into the smart contract, is processed in conformity with the embedded logic, and makes an output decision on payment/non-payment and the amount of compensation.

The smart contract acts as the insurance company’s experts that assess input documents and make a decision to pay or not pay compensation. The smart contract is a code describing the decision-making logic and is open for audit.

The insured can be attracted by the unbiased consideration given to his or her insured-against event and a 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 decision to pay or not pay compensation 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 solely based 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 round the clock. Given the Credits platform performance, it is safe to say that insured-against events will be processed 365/24/7.

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 exclusively within the smart contract-described logic boosts customer confidence in an insurance company.

Blockchain automates decision-making process in the insurance industry

Learn more from our presentation

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Why Credits?

We have created a unique blockchain platform which makes it possible to adopt blockchain technology in a variety of existing industries

A unified 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

Contact Us

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

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