Insurance tech firm BlockClaim has received GBP500,000 ($627,000) in funding for its blockchain-based claims solution. Most funds come from venture capital firm Amadeus Capital Partners and software firm Pragmatica.
BlockClaim uses blockchain technology to automate the claims process. The company states that the solution reduces costs by 20% and brings in faster settlements. BlockClaim uses a private blockchain to streamline the claims process. The product also makes use of artificial intelligence, neural network and image recognition in order to provide fraud detection. These tools allow for intelligent claims-routing and self-learning fraud detection.
The use of blockchain in insurance is now a multibillion dollar industry, ranging from decentralised p2p insurances to blockchain based pensions.