The insurance sector witnesses a new advancement as the Bajaj Allianz General Insurance resorts to blockchain technology to fasten its claim settlements for travel and motor divisions through 'Travel Ezee' & 'Motor On The Spot'.
Blockchain Technology, as defined by Ian Khan – a technology futurist, is a mechanism that ensures the highest degree of accountability. It is claimed that it completely eradicates the chances of missed transactions, and humanly or machine-committed errors.
Sourabh Chatterjee, the Head-IT from Bajaj Allianz General Insurance shared with one of the leading news publishers that the blockchain technology will reduce the time taken for claim settlement to minutes which otherwise takes several days. For example, the ‘Motor On The Spot’ aka Motor OTS service that is launched to facilitate motor claims is expected to bring down the time taken for claim settlement from 5-7 days to 20 minutes for a claim as low as ₹20,000.
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(Source and Credits: The Hindu Business Line)