Insurance industry blessed by blockchain solution

BlockClaim, the first hybrid artificial intelligence (AI) and blockchain technology solution developed for the insurance industry, has successfully completed its seed funding round with a 500,000 GBP investment. This development was on 17 June.

BlockClaim continued that the technology was developed at Imperial College London. BlockClaim added that it uses the very latest advanced data science techniques. It provides insurers with an artificial intelligence powered fraud filtering and blockchain claim automation. It also allows insurers to simultaneously detect fraudulent claims and process claims in record time. This is enabled through intelligent claims-routing and self-learning fraud detection.

Niels Thoné, CEO of BlockClaim expressed –

“BlockClaim brings the insurance industry into the digital age with state-of-the-art engineering which couples the power of machines and distributed ledger technology with over two decades of industry experience. The rapid advancement of data science allows us to provide unprecedented objectivity and context automatically in areas that were hitherto only subjective. This makes it much harder for fraudsters to pass through the net.”

BlockClaim sustained by adding that features such as image recognition AI module could be used to automatically detect damage to vehicles in the event of an accident claim. Using this it can be validated whether it’s genuine or fraudulent. The system can also scan phone and email conversations for discrepancies, helping insurers automatically filter fraudsters and resolve claims faster.

The insurance industry would be much benefited from AI and blockchain.

BlockClaim further added that it delivers a cost per claim reduction of 20% along with significantly reduced settlement times. BlockClaim noted that the seed funding round attracted investment from technology investor, Amadeus Capital Partners, whose previous investment chain include Graphcore. Amadeus is known for its focus on cybersecurity, AI and machine learning, healthcare, and SaaS.

In May, BlockClaim shared a podcast Insureblocks podcast entitled “The convergence of AI, machine learning and blockchain”. BlockClaim had the foresight to design an offering that combines both AI and blockchain. In the podcast personnel passionately shared their insight on the convergence of these technologies.

BlockClaim wrapped up by adding that Amadeus had invested over 1 billion U.S. dollars since 1997 and specializes in taking high-growth companies globally. BlockClaim stated that a number of highly successful insurance executives and business institutions also backed BlockClaim in its seed round. The other angel investor was a software firm Pragmatica. On similar lines, the insurance agency Legal and General was using Amazon Managed Blockchain to create a blockchain system for corporate pension takeovers. Legal and General chose to use a blockchain solution due to the need for a secure ledger of transactions.