Blockchain Smart Contract for Insurance: Simplifying Claim Settlement Process

Insurers are among the many players rushing to figure out how blockchain and smart contract might be used to improve fraud detection, transaction execution, and stakeholder interaction. Recently The NineHertz has partnered on a claims handling management software project to strengthen critical parts of Claims Management Services.

We developed a solid, scalable, and high-performing application to streamline a leading Insurance service provider’s claim handling system. Our talented blockchian application developers built this application using the Vue.JS framework, improving the overall claim management process, enhancing claim service, boosting customer satisfaction, and reducing overall costs.

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Technology used

  • Android
  • iOS
  • MySQL

Team

5 Members
  • BA (2)
  • |

  • Project Manager (1)
  • |

  • Developers (3)
  • |

  • Designers (2)
  • QA Testers (2)

Timeline

5 to 6 Months
  • Of unstoppable work

Client

Insurance Blockchain
  • Simplifying Claim Settlement Process

Budget

$20,000 to $25,000
  • Budget for completing the project

Challenges of Insurance claim management system using blockchain

Fraud Detection

The insurance claim process uses several data sources from various systems, which enhances the possibility of fraudulent claims. This was our developers’ most significant issue in figuring out how to identify fraud claims utilizing a wider amount of data.

Manual Process of claim

With claims processing and record management from customers, employees, agents, and third parties, the manual Process has posed a daily challenge to the business. The next problem our developers had to solve was connecting end-to-end jobs and connecting every user of the claim management process.

Data Privacy

Healthcare insurance is one of the most inefficient and fraud-prone industries today. We faced numerous issues in maintaining patient privacy, compliance requirements, and so on because it contained PII data.

Data Compliance

Property and casualty insurance necessitates a great deal of manual data and coordination. Therefore, there can be numerous inaccuracies. As a result, our developers had to explore ways to establish a permanent audit trail, automate claims processing, and digitally track and manage tangible assets to make the software error-free.

Simplifying-Claim Challenges

How Did We Solve The Challenge?

Solutions Proposed

Smart Contract Technology

A decentralized Insurance Claims Management Software was created by our developers using smart contract technology that automates insurance transactions and processing. It also enables the creation of decentralized insurance apps, which allow for more efficient insurance acquiring and selling at lower operational costs. In addition, smart contracts can independently validate claims using numerous data sources.

Single Page View

Our web application developers are well-versed in modern-day technology. Given the intricacy, our developers leveraged Azure Cloud Services and the Vue.JS framework in the development process, resulting in a single-page progressive web application (PWA) that can be accessed from any location and at any time.

Decentralized Medical Records Management System

We created a decentralized medical records management system that indexes medical records on the blockchain and grants access to only those allowed. It helps protect patients’ privacy while also making the information verification process more accessible.

Digital Tracking

We created a blockchain technology that has the potential to completely alter the way physical assets are managed, tracked, and insured digitally. For example, when the ships enter high-risk locations, such as conflict zones, the platform detects and alerts them. In addition, it can assist speed up the process of making and verifying claims by providing a reliable store of data.

Key Features

The NineHertz insurance blockchain: simplifying claim settlement process with the following must-have features.

User App Features

Consumer

  • Able to apply claim online via browser or smartphone from office/home
  • Able to check their current claim application status
  • Allowed to access their records only
  • Able to view their approved claim details

Approving Officers

  • First Level & Second Level Approving Officers can Approve / Reject consumer claim applications.
  • Allowed to view their department’s employees’ claim details only
  • Able to access the reports to view/claims applied details

Want to know more?

If you’re considering the digital transformation of your business or automation of specific business operations or want more information, book a demo at your desired date and time.

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