This project is Part Three in the Cookhouse Lab Blockchain & Insurance series. In Part One, the project team developed a set of blockchain use cases. The use case we will address in this Part Three project was selected from the top use cases identified in Part One. The purpose of projects within this series is for participants to develop prototypes that will demonstrate how blockchain technology could work and add value within the insurance industry.
Insurers and their customers participate in claims processes that are often characterized by delays, manual input and human error. The administrative cost resulting from these issues adversely affects the profitability of insurance and ultimately results in a poor customer experience. In addition, customer expectations regarding speed of service are increasing due to the rapid advancement of consumer technology.
The claims process, especially for Travel Insurance, is ripe for disruption.
Blockchain technology offers the potential to streamline the claims process by automating the touchpoints between the First Notice of Loss (FNOL) and the payout of the claim. In this 4-week Cookhouse Lab project, participants will work to develop an MVP using blockchain technology to automate the claims process for travel insurance, focusing amongst others on flight cancellation and delay.