There is an increase in the number of fraudulent claims worldwide in the insurance industry, in part due to antiquated claims management systems. Blockchain can transform the insurance industry and significantly improve the claims management process, ensuring timely fraud detection and risk prevention for the entire sector. An Exonum blockchain can automate the claims initiation and processing through smart contracts, while optimizing information sharing among multiple participants for easier auditing. Unparalleled information security and verification, delivered by blockchain immutability, helps combat fraud and criminal behavior while increasing efficiency and trust among all parties.
Exonum Blockchain: Your Platform for Trust
Issues Facing Claims Management:
- Financial losses due to difficulties with fraud detection and risks prevention
- Time consuming and costly claims processing
- Poor coordination between different stakeholders
- Disagreement regarding contracts and implementation
- Customer dissatisfaction
How Exonum Blockchain
Transforms Claim Management:
Transforms Claim Management:
- Insurance claims are stored in an Exonum blockchain, with ownership denoted by digital certificates
- Data is cryptographically secured and able to be shared between providers
- Information and process interoperability is built in, allowing for easy interaction and exchange of information
- The information and payment workflows are simplified via smart contracts
- The blockchain provides a permanent audit trail that can be used to evaluate claims