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Insurance News: Bajaj Allianz Resorts To Blockchain Tech To Fasten Claim Settlement

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.

To aid insurance sector, the technology brings together the policyholder and the insurer on a common platform for the transactions, thereby eliminating the need of a third party (for instance, bank). This automatically cuts down the time taken for a claim settlement to a significant level.

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.

For further updates, keep yourself glued to our news thread.

(Source and Credits: The Hindu Business Line)

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