Blockchain Lab
The Use Case
The Association of British Insurer's (ABI) estimate that insurance companies spend upwards of £2000m per year investigating insurance fraud.
Blockchain technology has the potential to create an immutable history of both assets and people which could aid insurers in spotting insurance fraud. A smart contract could be used to verify an event, after which payment would be made. This smart contract could use the loT to enchange the offering e.g. geo location data.
How It Could Work
Bad Claims Insurange Ltd spend over €5 million per year investigating fraud. Their current paper based system means they have no single view of their customers insurance history, and so treat each claim as if it may be fraudulent.
A digital history of assets would identify customers with a bad insurance history. There is the potential to open up this shared, immutable data store to the whole industry, which would mean a clear view of all customers, even those transferring from a different insurer.
- mapping out the revised architecture and process flows brought about by the blockchain paradigm
- selecting and deploying existing API’s and libraries
- developing bespoke software where no solutions exist
- seamlessly bring the blockchain into the system
- educate stakeholders on the migration
Blockchain Lab provides a services layer and a RESTful API for interacting with the blockchain. We also run a highly sophisticated testing harness to assist you in rapid integration or development of new subsystems.