In this section, we will explore and implement an issuance claim use case.
No one wants to have an insurance claim, but when things do go wrong and accidents happen, this may result in financial losses. These losses will be covered by your insurance policy. The traditional insurance claims process has stayed the same for decades, as there are a number of key issues in the process, including false claims, fraud detection, slow and complex claims processing, human error, undesirable customer experience, and inefficient information flows in reinsurance.
With blockchain, the transaction record in the ledger is immutable and the state data can only be updated when all parties agree. The record in the blockchain can be shared in real time. This allows insurers to move quickly, as most of the required information for claims verification can be processed in no time. Insurers can track the use of asset data in the blockchain. The paperwork can be eliminated and customers can submit...