Insurers often struggle to offer a hassle-free claims service as a fully automated loss notification and settlement system is not in place. This frustrates customers as some or all parts of the claims process can be made “no-touch” in certain lines of business. (e.g., flight/train delay insurance, crop/agricultural insurance).
Goals and Objectives
Enable a fully automated, frictionless claims notification and settlement process where feasible, using a combination of internal and external data (sensor data, weather-related data, etc.), a collaborative platform for all stakeholders involved and predefined triggers for speedy response.
Blockchain/ distributed ledger technologies. Smart contracts. Modern cloud-enabled infrastructure. Open architecture/ standards. Modern APIs and app development frameworks. Sensor-based technologies. Cognitive technologies.
Use Case Summary
Implement a hassle-free service at the “moment of truth” (claims) which will improve the customer experience, trust, and brand loyalty.