This project is Part Two of 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 Two 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.
Many processes within the insurance industry are complicated and manual. Processes involving multiple parties, over and above a single insurer and customer, are more likely to involve frequent touchpoints, manual intervention and the exchange of duplicate information. These multi-party processes are costly for insurance companies, prone to error, and provide a poor customer experience.
Blockchain technology offers the opportunity to streamline these multi-party processes. In this four week long Cookhouse Lab project, participants will work to develop an MVP based on blockchain technology to coordinate the payment of benefit claims from multiple insurers. Specifically, the project team will seek to address claims issues faced by customers who are covered under Group Benefits with multiple insurers, either due to coordination of benefits with their spouses OR benefit plan administrators electing to place modules of a Group Benefit Plan with multiple insurers to provide a more desirable package.