Claims:We Claim:
1) The method and computer program for claims prevention and management system in insurance using blockchain technology comprising of components such as;
a) Electronic device with active internet connection – To create profile of user who want to use insurance web application
b) Blockchain API (Application Interface)- To Verify all document submitted by user
c) Backend server – The data is stored in cryptographically form with help of blockchain technology
2) The system claimed in claim 1, user must have government approved photo id proof to prove his Genuity to prove that user is not fake.
3) The system claimed in claim 1, user must submit all needed document related to claim the insurance policy online to application and create profile on application.
4) The system claimed in claim 1, create smart contract, which contains all records related to the claims of the insurance policy.
, Description:FIELD OF THE INVENTION
The present invention discloses the method or computer program for claims prevention and management system using blockchain technology. The invention is related to insurance sector.
BACKGROUND OF THE INVENTION
Every insurance policy has some claims. These claims are carried out when particular accident/incident occur. Claim management and prevention is tough job. It includes the process of gathering all the required information for verification of claims or settlement of claims.
Claims prevention and management is a big issue that insurance industry suffers. The claim management includes, insurers who gather all the required information for verification or settlement of insurance claim. But it is so much time consuming. This can lead to severity of the claim.
Another challenge is to find out the right fullness of the claims. It is common for claimants to forge false documents which can lead to claims that never happened. The trend of convenience in the insurance industry is coming which would capable of automation of insurance claim management without human intermediaries. This automated process starts from policy creation to claim monitoring.
Currently these claim prevention and management is done manually. No application or software exists for this.
The present invention solves the above discussed problem with the help of block chain technology. Blockchain is a distributed ledger, which simply means that a ledger is spread across the network among all peers in the network, and each peer holds a copy of the complete ledge.
More specifically, Blockchain is essentially a way of keeping records and can be used in almost any product that uses some sort of record keeping or database management.
With the help of blockchain technology, the claim prevention and management can be done with transparency. No data could be forged.
OBJECT OF THE INVENTION
The main object of the invention is, claim prevention and management system in insurance using blockchain technology.
Another object of the invention is, verifies all claims.
Another object of the invention is, do settlement of claims.
Another object of the invention is, keep track on claim from starting (policy creation).
Other object of the invention is, fraud could not happen.
SUMMARY OF THE INVENTION
The present invention discloses a method, system or computer program for aiding claims prevention and management in insurance by using blockchain technology. The system and method for aiding claims prevention and management in insurance is comprising of;
Electronic device with active internet connection – used for to open the claim management application
Backend server for blockchain technology – To verify all policy document submitted by user
It verifies all the document submitted by user. If all submitted documents are ok, then insurance is allocated to user. And data about claim of that policy is stored in database in cryptographic form. And new block for this transaction is created and attached to blockchain. So, anyone can see the claim of insurance policy but no one can interrupt the process of insurance.
BRIEF DESCRIPTION OF THE INVENTION
Fig 1 shows flowchart of the method and computer program for this invention.
DETAILED DESCRIPTION OF THE INVENTION
The present invention discloses a method, system or computer program for claims prevention and management system in insurance by using blockchain technology.
Blockchain is, in essence, a digital database (or ledger) distributed across a network of computers.
The records are protected by cryptography and are, therefore, protected against human error, editing and removal. The versatility of blockchain means it is being widely considered as a way to manage financial transactions, asset transfers and regulatory obligations. In particular, blockchain is now seen by many as the future of insurance sector due to its transparency.
The system and method for claims prevention and management system in insurance sector is comprising of contents;
Electronic device with active internet connection – To create profile of user who want to use insurance web application for claim management
Blockchain API (Application Interface)- To Verify all document submitted by user
Backend server – The data is stored in cryptographically form with help of blockchain technology
Insurance Claim Database – This database has all the records of Insurance claims. In this database data is save in cryptographic form, so no manipulation or editing for change can be done.
The system and method for claims prevention and management in insurance by using blockchain technology is comprising of the steps are as;
Step 1) User has to create self-profile.
User must have to create the profile on the insurance application with details like Legal name, government-issued Id proof, and designation
Step 2) User has to register insurance policy form via any electronic device with active internet connection.
A hash for the identity information submitted by the users gets stored on the blockchain.
Step 3) The backend server gets activated and calls blockchain Application interface and verifying the documents submitted by user.
Step 4) If verification results negative then it will message user that verification not done and update right information.
Step 5) If verification results positive then blockchain executes smart contracts specific to particular insurance policy.
Step 6) The new registration data is stored in database cryptographically format. This database is on blockchain backend server.
Step 7) The new block of information is created using hash.
Step 8) This new block of information is attached to blockchain.
Step 9) User can claim the insurance or verify the claims.
Step 10) All documents related to claims are verified by backend server.
Step 11) The system used to verify the claims or settle the claims.
But as per blockchain speciality, the data on Blockchain is immutable, auditable and decentralized so cannot be changed by anyone except authority.
The user can see particular insurance policy claims with this application.
Blockchain combined with modern technologies can create a transparent and capable of customer-focused claims model.
The claims prevention aspect of insurance can benefit heavily from the information regarding the event’s location, analytics and external risks associated with the event.
Blockchain’s distributed nature enables an implementation method which puts both insurer and the claimant in the same network. The insurers or other third-party parties can easily capture information regarding forms, police reports, evidence and soon. Other key aspects of technology that can help in the process can be either mobile phones or sensors attached to the other devices attached either to the entity or around the area where the event takes place. These will streamline the whole process and ensure proper claim submissions. In return, it will improve customer satisfaction and improve coordination between all the parties involved in the claim process.
Blockchain acts as the backbone as it offers transparency from the onset. Moreover, blockchain can also be used to facilitate payments if certain criteria are met, improving the time it takes to handle a claim.