Connect with us

Finance

LifeHash uses blockchain technology to tackle insurance claims fraud

Published

on

LifeHash

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.

ALSO READ  5 Emerging SaaS trends your business needs to know about

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.

Advertisement

Furthermore, LifeHash includes tools for first responders and insurance investigators to secure evidence early.

Advertisement
1 Comment

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Advertisement
Advertisement

Facebook