Blockchain Technology has been swirling around the insurance sector for quite some time. Insurers across the seven seas have been emphasising the myriad of prospective use cases being made available through Blockchain. Bajaj Allianz, too, has joined the ray race by collaborating on various implementations of the Blockchain.
Business Line, a local news publication recently reported: “Bajaj, which is part of the Allianz empire l, is using Blockchain technology to reduce claim turnaround times drastically”
Simplifying, Bajaj Allianz recently became the first insurance industry of India to implement a new blockchain while deploying two new schemes for travelers and motorists alike.
Blockchain had been paving its way through the companies insurance sector and business strategy, both.
Sourabh Chatterjee, Head – IT, Web Sales and Digital Marketing explained: “This is helping us to bring down the current settlement turnaround time for some plans from days to minutes…”
The two products launched into the market are as follows:
1. Travel Ezee
Bajaj’s plan for this involves Blockchain taking over the entire claims process giving way to instant receipt of cash and kuch lesser bureaucracy in the existing system.
2. On The Spot
This motor claims facility permits submissions that normally took 5-7 days to be processed, only 20 minutes to do the needful.
Chatterjee added: “Over 65 percent of the motor claims that we receive are minor claims with loss amounts of less than […] 20,000 [rupees]. The new initiative not only speeds up the claims process for these claims but also the process for bigger claims”
Clearly, benefits blockchain’s technological advancement have not escaped the Indian Insurance Sector. We estimate many such plans in the near future.
Stay tuned for more updates.