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BLOCKCHAIN FOR
INSURANCE-DEATH CLAIM
SETTLEMENT
Ravitla Harika
Kommuri Venkata Sai Poojitha
Desineni Bhuvaneswari
Nagaram Saranya
College – RMK Engineering College

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Business Need/
Opportunity

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Business Problem/Need/Opportunity

• Blockchain could have revolutionary implications for the future of business operations. From
accounting to operations, the growing consensus among industry leaders is that it’s likely to
impact every major area of work- and the shift is already starting.

• The technology automatically tracks transactions from start to finish without consulting a
central authority tasked with preserving the transaction or encrypting the data, and without
human intervention.

• Blockchain technology can take the burden of filing a death claim away from family
members by replacing the manual process of filing claims with an automated system built
on a blockchain ledger.

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Market Potential

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Target Segment/Market Size

• Our target segment is the insurance companies as all of them are not
being recognized.

• The global blockchain in insurance market size is projected to reach

USD 1,393.85 million by 2023, growing at a CAGR of 84.9% during the
forecast period.

• The Growing number of fraudulent insurance claims and the increasing

need to have transparent and trustworthy systems are some of the
major driving factors for the blockchain in the insurance market.

• Growth of blockchain-as-a-service opportunity in the blockchain in the

insurance market. Emerging economies in APAC and Latin America
offer several untapped and unexplored opportunities.

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Solution Details

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Solution Details

Blockchain can be applied throughout the insurance industry and across many lines of
business, including:

•Registries of high-value items and warranties

•Know-your-customer (KYC) and anti-money laundering (AML) procedures

•Reinsurance practices

•Claims handling

•Distribution methods 

•Peer-to-peer (P2P) models

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How will blockchain impact KYC/AML processes?

Blockchain can:

• Establish a tamper-proof repository of customer data that can be safely shared between organizations.

• Reduce the risk of error and duplication of effort through this mechanism of cooperation, saving time and
resources.

• Improve visibility of customers’ activity across institutions, improving compliance and regulatory oversight

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How will blockchain impact reinsurance?

Blockchain can:

•Allow primary insurers, reinsurers, brokers, and regulators to share data securely in real-time

•Automate risk modeling, audits, and compliance checks

•Bind towers of risk and treaties on a single time-stamped smart contract

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How will blockchain impact claims handling?

Blockchain can:

•Create a trusted, tamper-proof, industry-wide record of claims 

•Reduce claims fraud by eliminating data silos

•Grant customers more control over their own data, including access rights

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Future Readiness

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Future Readiness

• We will be using smart contracts on a blockchain that can provide greater transparency for
customers and insurance providers.

• We will use recording all claims on a blockchain would keep customers from making
duplicate claims for the same event.

• Furthermore, we will use smart contracts can speed up the process for claimants to
receive payments.

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About the Team

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TEAM Members
Ravitla Harika
Kommuri Sai Venkata Poojitha
Desineni Bhuvaneswari
Nagaram Saranya

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Thank You

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