Claim Technology has tested, validated and adopted BlockFrauds blockchain-based solution in the scope of BlockStart:
Why has the company decided to implement the solution: Blockchain is well suited to a fraud bureau service where data from across multiple market participants can be shared anonymously in a de-centralised database.
Added value of the solution to the company: Fraudsters are costing the insurance industry billions. Implementing more efficient and effective fraud detection technology can reduce premiums and improve end-customer value, service, and experience. In turn also providing better protection and cost savings for insurers.
What has been done during BlockStart’s pilot stage: BlockFrauds technology is changing how insurers detect and manage fraudulent claims. The technology enables voice files and images to be cross-checked against the same or similar digital assets being used on another claim with another provider, helping to identify potential fraud. We have defined a set of API specifications that BlockFrauds can use to expose their service, enabling us to send voice and image media to the service and receive return results in near real-time, enabling us to automate claims processing with behind the scenes fraud checks.