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The smart contract is created by product experts and is executed in the claims department. Our platform bridges these two core disciplines - product development & claims.
Once created, the smart contract will only display the specific questions at FNOL, which are needed to assess the particular notified loss or damage.
The answers to the questions can be entered by the insurer or a partner, but can also be self serve completed by the customer.
Notifying a claim is describing an event.
In order to reduce fraud, event validations (for example, was there a storm at that time, or is there a police report confirming the theft) are made available by using OCR to read uploaded documents or through connections to 3rd party databases, such as weather information.
The assessment result is a detailed overview of what is covered and what is not covered, including the detailed amount per damaged item.
When using the smart contract in the FNOL process, detailed information, at policy section, clause and even sentence level, is collected about how often that part of the policy wording was needed to assess coverage and calculate the loss amount and the appropriate excess.
Insurers can configure the platform so that each claim is not only assessed against its own policy wording, but also automatically assessed against publicly available competitor
With this approach, very detailed benchmarking information is created, which is highly valuable for product improvement and development.