Fraud is a huge challenge in insurance. At the same time, consumer trust is at an all-time low. LifeHash released their first blockchain SaaS solution, which facilitates and secures a single and comparable source of truth, whilst increasing transparency.
With a blockchain solution such as LifeHash, customers will be able to report incidents in real-time recording all relevant data to the blockchain.
Using the LifeHash solution early in any claims reporting process allows all associated and relevant evidence to be gathered and secured faster, decreasing fraud and speeding up legitimate claims.
This data can then be compared to other immutable records that were created the moment the item was insured.
The solution lowers the ability for fraudulent claims to be made by your customers while mitigating against phantom claims made by third parties, ultimately saving policy holders and insurance companies valuable time and money.
LifeHash cryptographically commits the data to public blockchains, such as Bitcoin and Digibyte. The records (digital footprint) are stored immutably in these blockchains eliminating any potential changes or manipulation to data and allowing future comparisons to be conducted definitively.
This system promotes transparency for both customer and insurer.
“Blockchain technology will play an important role in innovating business models in insurance. By promoting mutual transparency and leveraging the blockchain’s immutability, insurers can think about new pricing models, improve operational efficiency and transparency and improve customer relationships.” Vincent Maliepaard, marketing director, LifeHash.
More about the solution
The SaaS solution is completely customizable to specific use-cases. Industries in which it can be especially valuable include car insurance, specific valuable items such as watches, jewellery, Art and building claims.
LifeHash contains standard functionality for reporting claims with camera, voice, text and location data. This can be expanded on by integrating any third-party solutions, such as security camera systems or dashcams.
Furthermore, LifeHash includes tools for first responders and insurance investigators to secure evidence early.