Indian Insurance company uses blockchain to settle claims in minutes
Indian insurer Bajaj Allianz General Insurance deployed Blockchain based insurance products for travel and motor sectors. According to Sourabh Chatterjee, Head of IT at Bajaj Allianz, “Under the name ‘Travel Ezee’, Bajaj Allianz is using the innovative decentralized technology to proactively inform overseas travel policy holders of their payout eligibility in the event of flight delays. The traditional process of a claim typically sees the user register a claim before submitting a certificate of delay from the airline. With blockchain technology, customers will be able to instantly receive their claims without needing to file any flight delay forms. This is helping to bring down the settlement time for some plans from days to minutes.”
In addition Bajaj is also implementing blockchain tech for motor claims from vehicle owners suffering damages. The new rollout will enable customers to file a claim instantly through Bajaj Allianz’s insurance wallet app, complete with pictures of the damaged vehicle. This ‘On The Spot’ feature, will fundamentally see customers file claims after a self-inspection of damages, without the need for a third-party check.
Chatterjee states, “Typically, it takes five-seven days to settle motor accident claims, including those as small as ₹20,000,” he stated, adding that blockchain technology will cut that time-scale “down to a mere 20 minutes, ruling out any human intervention.”