In the auto insurance industry today, there is limited transparency between the insurer and the customer. All insurance claims have to go through a very lengthy, manual approval process before they are accepted by the insurance companies. This causes increased operational costs for insurers, and customer engagement suffers as well. This DAML-based Auto Insurance application, is designed to streamline the auto insurance claims process by automating the review and approvals, using DAML smart contracts. All agreements between various parties can be expressed on the blockchain, and the logic defined in this agreement will run without the need for a third party. The solution can also process data from IOT-based sensors. This solution increases visibility for multiple parties during the various steps of the business process, so they can plan and optimize their systems and operations accordingly.
- Insurers can optimize operations and reduce costs
- Insurance claim is streamlined so that customer has complete visibility of ongoing process
- Single-source-of-truth enables better analytics for customer engagement
- App takes care of Vehicle Registration
- Insurance terms can be customized and negotiated
- Once agreed, the terms are signed by insurer and customer