Blockchain is yet again finding use in another industry and this time it is the insurance industry as BlockClaim, an insurance firm has received $627,000 in funding for a new solution that will apply blockchain to Insurance claims, putting a spin on the traditional insurance transaction.

“BlockClaim, the first hybrid artificial intelligence and blockchain technology solution developed for the insurance industry, has successfully completed its seed funding round with a £500,000 investment,”

the official press release said.

The funds that have been raised us far have been from venture capital firm Amadeus Capital Partners and Pragmatica, a software firm, in addition to several angel investors. According to the press release, BlockClaim has developed scientific techniques to provide insurers with fraud filtering features that are backed up by artificial intelligence as well as claim automation which uses blockchain. By making use of both, insurers are able to detect fraudulent claims as well as increase the timeframe in which claims are processed thanks to intelligent claims routing and self-learning fault detection.

An Image recognition AI module is that available on BlockClaim which is used to automatically detects damage when dealing with an accident claim. Not only can damage be detected body can also determine whether it is genuine or fraudulent. The system is also capable of scanning phone and email conversations in order to determine any irregularities and inconsistencies. Through these features, BlockClaim is able to fix certain age-old problems within the insurance agency such as getting rid of fraudsters by detecting them very early as well as helping to attend to legitimate claims at a much faster rate which improves the experience for both the insurers and their clients. BlockClaim also delivers a reduction of 20 percent in cost per claim as well as reducing settlement times.

A New Industry

Blockchain is consistently finding new ways to improve on the world around it and being imputed into traditional Industries and the insurance industry is just one of many. Due to the nature of the industry, it is often subject to both human error as well as being forced to deal with dishonest individuals who want to make a profit off it. With the use of AI and blockchain, dishonest claims can be detected almost instantaneously and genuine claims can go through faster. This new development is set to revolutionize the insurance industry and bring it into the digital age where technology saves them money and improve their performance.

The management of BlockClaim so far has expressed excitement at the potential that this new system brings to the insurance industry and what this round of funding means for its progress.

Niels Thoné, CEO of BlockClaim, says,

“BlockClaim brings the insurance industry into the digital age with state-of-the-art engineering which couples the power of machines and distributed ledger technology with over two decades of industry experience. The rapid advancement of data science allows us to provide unprecedented objectivity and context automatically in areas that were hitherto only subjective. This makes it much harder for fraudsters to pass through the net.”

Should this trial be successful, many more insurance companies will likely follow in their footsteps and apply blockchain across-the-board.

The views and opinions expressed in the article BlockClaim Insurance Firm Gets Funding for Blockchain Claims Solution from Amadeus, Pragmatica do not reflect that of 48coins, nor of its originally published source. Article does not constitute financial advice. Kindly proceed with caution and always do your own research.

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