INSURANCE – BLOCKCHAIN
BLOCKCHAIN VALUE PROPOSITION

Better pricing & Risk management
Decentralized career consortium
Automatic verification on real time
Real time analytics
Blockchain Value Proposition
- Self executing smart contracts
Straight through processing of routine claims & policy admin transactions
Prevent fraud
Improved customer experience
Beyond Best-in-class
Distributed and Digital
Reduced human error and no data duplication
Reduced processing time and Transaction cost
Reaching the unreachable
- Resolve micro insurance challenges
- Better pricing due to reduced cost.
New types of insurance
- P2P, Share economy, Spot Insurance and Hybrid
Better pricing due to reduced cost
Social media and crowd sourced prediction
Insurance Blockchain – Business Drivers
- KYC once done is registered in blockchain.
- Personal data remains with the customer.
- No Repeat data entry.
- Claims auto-triggered when insured event occurs
- Auto verification of policy holder identity, contract validity etc.
- Use of information from social media profiles & 3rd party sources such as Hospitals, Police.
- Controlled access to data for Reinsures
- Blockchain products with short lifecycles like car rental insurance, travel policies etc more meaningful and viable.
- Due to lower production cost, and better customer engagement. Paves way for top up covers, or riders for short duration of perceived high risk.
- Accurate reconciliation of Commissions
- Ceded premium
- Reinsurance claims.
Blockchain on Insurance use cases
- Agent contracts
- Customer details Management
- New Business Details
- Verification of Health Records
- Verification DMV Records
- Verification of Pharamacy reports
- Policy Renewal/ Re issue
- Endorsement
- Policy Transactions
- Manage Fraud
- Claims automations
- Claims Payment
High level Policy processing flow

Now and Future
Legacy platform | Blockchain platform |
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Auto Claim processing use case

Implementing IoT enabled Blockchain platform
1. Understand As Is Process
Identify Risks & Weaknesses
Classify Risks and Weaknesses based on extend impact and probability
2. Create a Road Map
High Level Solution approach using Blockchain and IoT (optional) to address the identified risks and Weaknesses
Prioritized set of functionality for implementation.
3. Pilot & Collaboration
Implement a pilot usecase
Collaborate with suppliers and partners
Create a reference slice
4. Scale
- Scale progressively to implement the Road Map
INVOICE TRANSMISSION

Requirement Understanding
Client – a vendor issues invoices to their customers.
Issued invoices are digitally signed & sent to a folder.
Customers access the invoices by authenticating their certificates.
Often times Customer does not have a certificate & the invoice is inaccessible.
Also the invoices generated from SAP system aren’t encrypted, posing a security concern.
There is also financial impact on the business as customers cannot make payments on time – owing to unavailability of invoices.
Enterprise Blockchain Solution for Invoice Management
Requirement Understanding
- Manufacturers of goods and services issues digitally signed invoices to multiple customers.
- Invoices are issued from Manufacturer’s internal ERP system such as SAP
- As per the current process, invoices are stored in a specified server location, for Customers to access
- In some cases customers are unable to access the invoices, due to errors in encryption/installation of digital certificates etc.
1.Manufacturer is looking for a Secure invoicing solution, that will seamlessly integrate with multiple customers, and enable both customers and the manufacturer to identify and track invoices, provide a basic workflow for managing invoices, and be able to create basic MIS reports.
Blockchain Value Proposition
One Central Platform
- Easy and Faster Document Management & transmission.
- Fraud prevention
- More transparency
Event-triggered smart contracts
Self executing smart contracts
Straight through processing of routine invoices can be enabled
Prevent fraud
Improved customer experience
Beyond Best-in-class
- Distributed and Digital
- Reduced human error and no data duplication
- Reduced processing time and Transaction cost
Provenance
- Instant Transfer of invoices Secure, Triggers a workflow
Our Solution
We propose an enterprise blockchain solution based on Hyperledger platform to orchestrate the invoicing process
Create the Platform
Manufacturer hosts the blockchain invoicing platform
All Customers are onboarded to the blockchain invoicing platform as peers
Each Customer has unique credentials to identify them on the blockchain
Invoice Management for Manufacturer
Manufacturer Issues invoice from the ERP system.
Encrypted Invoice Document is stored in a secure file store
Invoice transaction is triggered on blockchain platform
Blockchain platform executes the smart contract, validates correctness and completeness, adds the invoice to the blockchain
Manufacturer’s in basket gets the entry of the newly issued invoice along with the correct status – such as ‘Issued to customer’.
Invoice Management for Customer
Customer receives the notification of a new invoice in the customer in-basket on blockchain platform.
Customer clicks on the link to securely access the invoice from file store.
Customer processes the invoice – (Pay the invoice, send back for revision, cancel the PO etc.)
Change in status is reflected on the Manufacturer’s inbasket
Fejlett – Blockchain Services Offering
BLOCKCHAIN INCUBATION AS A SERVICE
Trends Research
Design Thinking-led assessment for use case identification
Technology assessment
Rapid Prototyping
Blockchain CE
BLOCKCHAIN SERVICES
Technology Advisory
Consulting Services
Development Services
Integration Services
Testing Services
BLOCKCHAIN SOLUTIONS
Industry specific Blockchain Solutions (e.g. letter of credit, loyalty management, energy trading etc.)
Solutions for integration with enterprise applications
BLOCKCHAIN PLATFORM
Scalable and asset agnostic platform that enables ready–to–onboard permissioned networks