No Claims Delays. No Data Duplicity. No Policy Frauds.
Insurance companies have to store, verify and process huge volumes of customer data and release payments against claims. An absence of an automates solution has left behind a complicated ecosystem inviting inaccurate claims handling and policy manipulation. Not to miss a helpless customer who has no choice but to avail the services of an underperforming sector.
For the insurance sector, blockchain cryptographically links together claims data, transaction data and other valuable data sets from all stakeholders. The data stored in a ledger is copied to all thereby assuring complete transparency.
Bloom Genesis holds proven expertise in building end-to-end blockchain infrastructure for BFSI products that help cut costs, save resources and stay in compliance with regulations. Through self-governed smart contracts, our insurance on blockchain application automates risk modelling, auditing and compliance checks. It brings all stakeholders on the same board thereby eliminating false entries and encouraging trust among all. Our insurance over blockchain application comprehensively impacts the following 6 pillars of the industry.
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Bloom Genesis creates a common processing and perception ledger between the institution (such as clinics etc.) and the insurer. This helps in cutting down data capturing and exchanging effort thereby fastening the claims process instantly and accurately. The shared communication mechanism improves claim validation and payments while abbreviating the overall risk of manual errors. Built to work for all possible use cases, Bloom Genesis’s custom made solution works across the Insurance value chain.
