- 08 Jul, 2018
Bajaj Allianz has decided to implement blockchain technology to reduce claim settlement time considerably. With this, it becomes India’s first insurance company using Blockchain. The company believes that adoption of this brilliant technology would bring down claim settlement time from days to minutes. It has launched its two insurance products catering to travellers and motorists in the first phase of the implementation. The first product Travel Ezee uses blockchain for its claim settlement without complicated administrative procedure. Similarly, ‘On the Spot’ motor claims facility has enabled settle claims within 20 minutes which otherwise were taking five to seven days.
Bajaj allianz has been increasingly using blockchain in the insurance sector as well as Allianz business strategy. Other insurance companies are likely to follow this move by the leading insurance provider. Reduction in insurance claim settlement time would serve as the biggest milestone in insurance sector considering the population of the country and the number of unsettled claims.