The Infosys Insurance Distributed Application is envisioned as business networks that support the core processes of policy administration and claims handling. Insurance companies can leverage its capabilities to rollout new policies at competitive price-points unlocking new revenue streams and to make existing processes more efficient.
Some of the modules included in this application are:
Multi-Party Claims Handling:
A network of insurers and Third-Party Administrators (TPA) to automatically detect non-compliance of claims data and fraud (intentional/un-intentional) to reduce due-diligence cost and claims processing time for the Insurer/TPA.
A democratized insurance platform that is secure, transparent and autonomous for insurance seekers to customize parametric insurance products and manage policies and claims seamlessly. It is a data driven fault-tolerant ecosystem that can trigger instantaneous claims settlement process for the Insured based on predetermined rules.
A shared ledger to record claims lifecycle that is transparent, always available and irrefutable to both the insurers after a claim has been submitted. It provides a communication system that accepts real-time claims clarifications and handles negotiations.
Usage Based Insurance:
This module provides a secure data channel that can capture vehicle data securely, transparently and irrefutably through OBD port by all fleet management stakeholders so the vehicle insurance can be priced correctly.
Re-insurance module allows high quality reporting and monitoring of risk exposure. In fact, our Index based insurance solution has the potential to positively impact re-insurance market in countries with lower insurance penetration.
The network (ecosystem) participation is driven by incentives. These incentives are designed around individual stakeholders across the value chain.
- Reduced service cost
- Increased efficiency in claims handing through
- Reduced cost and increased efficiency of information exchange across stakeholders
- Efficient dispute resolution
Irrefutable and reliable audit trail data to foster financial discipline and strengthen consumer protection
- Reduced claims processing time due smart contract driven automation and reliable communication across all market agents.
- (Some reports suggest that blockchain can makes claims processing faster by 3x-5x times)
- More efficient dispute resolution
Re-Insurer and Retrocession ire:
Near real-time access to risk (policy and benefit) data
Enabled governments to extend financial protection to the under-served