We’ve explored the use of cryptocoins and blockchain technology before in the case of bitflyers insurance products for retailers. Now one company is set to revolutionize car insurance by integrating blockchain technology to allow claims to be processed almost instantly, Bajaj Allianz one of the biggest insurers in India, has announced its range of products based on blockchain technology for motorists and individuals. Removing the intermediates involved with settling claims. The platform has been developed in partnership with Travel Ezee, to offer an efficient and rapid solution to completing the settlement process.
“Typically, it takes five-seven days to settle motor accident claims, including those as small as rupees 20,000 he stated, adding that blockchain technology will cut that time-scale down to a mere 20 minutes, ruling out any human intervention.”
The service is also set to include air travelers which are to be insured in the event of delays or problems with their flights. The use of blockchain technology aims to make the process of receiving entitled compensation quick and easy, and as revealed by the company. The usual process involves gaining evidence from airlines of delays to flights which the claimant has to use to fill in many forms but the new service will allow claims to be delivered directly to customers. The majority of motor claims are small ranging to settlements of around $200, the service is also low risk as small amounts will be make up the bulk of transactions.
To conclude, this exciting venture holds many prospects to simplify the settlement process which currently is not only dangerous but often extremely expensive and time consuming. Whilst other projects have focused ion the commercial side of insuring using blockchain technology, the platform provided by Bajaj Allianz caters for a much larger user base.