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• Blockchain Enables Indian Insurer Settle Motor, Travel Claims in Minutes •
In deploying blockchain powered insurance products for travelers and vehicle owners, Indian insurer Bajaj Allianz General Insurance is hastening the claim settlement process from “days to minutes”.
Private insurance firm Bajaj Allianz is now deploying blockchain-based insurance products in the travel and motor sectors, according to the Hindu Business Line. This will result in a seamless process of an otherwise cumbersome procedure of an insurance claim for end users.
With ‘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.