HashCash offers blockchain-based solutions for insurance companies via HC Net. It is working with a US-based global insurance company to create smart contracts for fraud, risk, claim, and payment management. It also offers enterprise solutions to move assets overseas in real-time for remittances, trade, and processing payments.
HC Net allows insurers to move all insurance claims to the blockchain, which is a distributed ledger, where multiple confirmations are needed to add a record to the ledger. Thus, fraudulent claims can be detected as multiple nodes have to validate each claim. Any change in it would require re-validation by all the nodes. The blockchain will also reduce transaction time; hence, hedging fees that are used to ensure against currency fluctuations in international transactions will be reduced.
Moreover, the blockchain is accessible to all the stakeholders. This improves the transparency of third-party supervisors and insurance providers.
HC Net also simplifies the exchange of information and payments between insurer and reinsurer by recording the reinsurer contract on the blockchain. Both parties view one record; hence, any disputes can be detected early and resolved. It allows insurance companies to convert policies into smart contracts. All the stakeholders will look at only one record, that on the blockchain; this reduces the chances of misunderstanding and tampering of records.
HashCash blockchain can also be used by companies to collaborate and settle an insurance claim. Documentation of each stage can be posted on the blockchain, and the customer can track his claim in real-time. In case of delays, the customer will know at which stage and with which agency is his claim stuck. This will reduce delays and ensure claims are settled in a timely and efficient manner.