Our proposal implies automating smart contract-enabled decision-making. The smart contract operates in a distributed blockchain environment and 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.
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 processes concerning the occurrence of the insured-against event based on data from external sources. Removing the human factor from the insured-against event approval.
Disadvantages of the existing model
The existing operating model has the following disadvantages:
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, and thats 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 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 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 the 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