We are thrilled to bring you the latest breakthrough in the insurance sector – bProtect, our cutting-edge blockchain-based insurance solution. As we gear up to enter the MENA market and set our sights on a global presence, we want to share with you how bProtect is poised to transform the landscape of insurance with its innovative features.
Current Challenges in the Insurance Sector: Traditional insurance processes have long been plagued by challenges such as undesirable customer experiences during claim initiation, costly intermediaries in the form of brokers, fragmented data sources, and a high susceptibility to fraud due to a lack of information sharing between insurers. Additionally, manual claim processing has been a bottleneck in delivering efficient and timely services to policyholders.
The bProtect Difference: bProtect is not just a solution; it’s a revolution in insurance. Here’s how we’re addressing these challenges:
- Streamlined Claim Initiation: Undesirable customer experiences during claim initiation are a thing of the past with bProtect. Loss information is submitted by the insurer, triggering an automated claim application process. This not only simplifies the process but also ensures quick and hassle-free initiation.
- Smart Contracts for Real-Time Coverage: Leveraging smart contracts, bProtect provides real-time feedback to insurees regarding their initial coverage. This transparency ensures that policyholders are well-informed throughout the entire claims process.
- Automated Claim Due Diligence: We have eliminated manual claim processing through the use of codified business rules within smart contracts. This automation streamlines the claim due diligence process, making it faster, more accurate, and efficient.
- Utilizing Distributed Ledger Technology: bProtect leverages Distributed Ledger Technology to automatically access secondary data sources for a comprehensive assessment of the claim. This not only minimizes the risk of fraud but also enhances the accuracy of loss amount calculations.
- Automated Liability Calculation: Smart contracts, in accordance with the insurance policy, can automate liability calculations, ensuring consistency and fairness in the claims process.
- Efficient Payment Initiation: Once a claim is approved, bProtect ensures a seamless process for payment initiation via smart contracts. This not only accelerates the payment cycle but also adds an extra layer of security to the entire transaction.
Entering the MENA Market and Beyond: As we prepare to enter the MENA market, bProtect is set to redefine insurance operations by providing a secure, transparent, and efficient platform for insurers and policyholders alike. Our solution transcends geographical boundaries, and we are excited about the prospect of contributing to the global evolution of the insurance industry.