Bajaj Allianz General Insurance integrates Blockchain Technology
Private insurance company Bajaj Allianz General Insurance is deploying a range of Blockchain-based services for travelers and vehicle owners.
The purpose of the travel insurance service, called “Taravel Ezee”, is to make reimbursement procedures simpler, more homogeneous and, above all, much faster.
This allows customers to receive immediate compensation without going through a lengthy and tedious process that requires users to register a claim before submitting an airline delay certificate.
The insurer has integrated the product with multiple travel providers and already provides service to travelers flying abroad.
In addition, the insurance company also implements a service to make an accident report directly via an application with photographs of the damaged vehicle.
This service will allow users to send their accident reports quickly and simply.
According to Sourabh Chatterjee, head of the IT department at Bajaj Allianz, “65% of the statements concern minor incidents with repayment amounts of less than 20 000 rupees (about 275 €).”
Thus, thanks to Blockchain technology, he estimates reduce repayment times from 5/7 days to a few tens of minutes (20 minutes according to him), without any human intervention.
Blockchain will allow both the company to save money and also to customers to be reimbursed quickly.
It is worth recalling that India is one of the countries using the most Cryptocurrencies and Blockchain services. The success of these services and their massive uses thus seem obvious, due mainly to the cumbersome nature of the “traditional” Indian administration.
The application of the parametric insurance concept to flight delays is certainly anecdotal. However, with a few other experiments in progress (the assessment of damage by artificial intelligence, for example) or to come (at AXA, among others), it is resolutely moving towards the future of the sector. The proliferation of data sources, stimulated by the development of connected objects and online services, makes progressively plausible a widespread use of automated claims processing.
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