The document discusses how blockchain can help overcome challenges in the insurance industry such as errors, fraud, lack of trust and complexity. It outlines issues like claims processing delays, customer onboarding difficulties, and lack of transparency. The summary then explains how blockchain solutions utilizing areas like smart contracts, distributed ledgers, and cryptography can streamline insurance processes, reduce costs and fraud, and increase trust and efficiency.

1. Business Presentation
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Blockchain in Insurance Industry

2. Current Challenges in Insurance Industry
Chances of Error and Time Consumption with Human Dependency:
Employees, policy holders, adjusters or agents who can’t view policy information usually need human help. This elevates
the chance of errors, delays claims resolution and increases costs. The challenge escalates with complex insurance
programs or managing policies in multiple countries, involving strict legal and regulatory adherence.
Complexity and Infectivity:
Despite the rise of online brokers, many consumers still call insurance brokers by phone to purchase new policies. Policies
are often processed on paper contracts, which means claims and payments are error-prone and often require human
supervision. Compounding this is the inherent complexity of insurance, which involves consumers, brokers, insurers and
reinsurers, as well as insurance’s main product — risk.
Claims processing
For a policyholder, making a claim can be a long and confusing process. And then you have to wait as hundreds of insurers
and reinsurers figure out where contracts are, which are correct, who already paid what, and which ledger has the right
accounting. It’s a process that can take quite a while, even if you don’t factor in the extra time needed to adhere to tighter
regulations for combating fraudulent claims.

3. Current Challenges in Insurance Industry
Lack of Trust:
There’s a crisis of trust in the financial services industry. Even though the large banks are the focal point, the erosion of
trust impacts all businesses. Lack of trust, high costs and inefficiency of the insurance industry all play a part in the
extraordinary high levels of underinsurance.
Chances of Fraud:
An estimated 5 to 10 percent of all claims are fraudulent which, according to the FBI, costs U.S. on-health insurers more
than $40 billion per year..
Customer Onboarding & Verification
To satisfy compliance requirements such as KYC (know your customer), insurance providers must collect, validate and
verify key documents to prove characteristics such as name, address, birth, health and economic status. Time delays are
common as various third parties and internal departments must review the data to complete their due diligence
processes. Then, companies spend vast resources fixing any errors that occurred while records were being reconciled..

4. What is Blockchain ?
Blockchain is a decentralized database (ledger) that tracks assets (anything of value) and records valid digital
transactions involving these assets between participants in a business network. A duplicate copy of this ledger is
shared and distributed among all participants in the network. The distribution of the ledger between
participants ensures that the encrypted data is incorruptible, secure, reliable and transparent to all participants.
The data cannot be erased or modified leading to increased trust as well as identification and prevention of
fraudulent transactions.
Its Impact on Insurance Industry:
Blockchain technology can overcome the legal and regulatory hurdles to become the default standard across
the insurance industry. But the possibilities are endless, and insurance companies and startups alike are
exploring insurance applications for the technology at full throttle. While blockchain might not be the
end-all-be-all to problems faced by insurers, it does provide foundational technology that promotes trust,
transparency and stability.
How Blockchain can overcome challenges ?

5. Need of KYC in Insurance Industry
What is KYC ?
Know your customer, alternatively known as “Know Your Client” or simply KYC, is the process of a business
verifying the identity of its clients and assessing their suitability, along with the potential risks of illegal intentions
towards the business relationship.
Need for KYC:
● Customer Admittance
● Customer Identification
● Monitoring of banking activity
● Risk management

6. Challenges in KYC
Disparity in specifications
• Every bank has their own specifications they adhere to
• Due to this lack of standardization, complying to each request in a customized way is time consuming.
Stringent regulations
• Regulation rules are changed often; adding more compliance burden on the banks.
• For example, in Cyprus, it is mandated that each relationship manager have an in-person meeting with the customer as
part of the KYC process.
Adverse impact on customer relationships
• It becomes understandably irksome for a customer to provide the same information to different banking entities,
sometimes in the same jurisdiction.
• Banks may even have more follow ups periodically for KYC.
Escalating cost
• Thomson Reuters estimated via a survey, that due to hassle of KYC, onboarding costs increased by 18% and they
foretell a further rise of 14%.

7. The blockchain is an immutable distributed ledger shared in the public domain. Every participant interacts with the
blockchain using a public-private cryptographic key combination. For KYC operations, banks can use a either a
private or a public blockchain. In a private one, the bank uses it for its internal audit and regulatory compliance. In a
public one, where it shares data and control with other institutions.
Blockchain in KYC
Process of KYC Blockchain
1. Whenever a new customer enters into the ecosystem, the ‘Trusted Party’ i.e. the bank
verifies the documents.
2. Once checked for veracity, the bank uploads this data onto the blockchain
3. Whenever any new data is needed to be appended, the ledger could enable encrypted
updates to the ledger.
4. These updates can be accessed by other entities in real time as and when required.
5. A Digital Identity — analogous to a digital passport — of the on-boarded customer can
then be used as a trust sign for future transactions.

8. Customer Identification :
A blockchain network is distributed, so the necessary documentation can be made available to whoever has
permissioned access. The records are secured with cryptography and linked together, which prevents them from
being altered retroactively. These characteristics facilitate the secure sharing of information across an organization
and to appropriate third parties. Plus, if customer identities are already secured with blockchain, insurers can
efficiently verify their eligibility without needing to go to multiple sources.
Claims Processing:
Blockchain Solutions can be the vital link across a vast ecosystem of third-party administrators and service provider
networks. Its shared ledger transparency can help employers reduce errors resulting in improved claims processing,
better provider management and lower operational expense.
Reduce Errors and Complexity
With Blockchain insurance companies can convert multiple policies into “smart contracts” giving a single, consolidated
view of policy data and documentation in real time. The solution allows visibility into coverage and premium
payments, delivering automated notifications to network participants following payment events.
Blockchain Solutions in Insurance

9. Fraud detection & risk prevention:
By moving insurance claims onto an immutable ledger, blockchain technology can help eliminate common sources of
fraud in the insurance industry.
Property & casualty (P&C) insurance:
A shared ledger and insurance policies executed through smart contracts can bring an order of magnitude
improvement in efficiency to property and casualty insurance.
Health Insurance:
With blockchain technology, medical records can be cryptographically secured and shared between health
providers, increasing interoperability in the health insurance ecosystem.
Reinsurance:
By securing reinsurance contracts on the blockchain through smart contracts, blockchain technology can simplify
the flow of information and payments between insurers and reinsurers.
Supporting administrative and strategic imperatives with smart contracts
Blockchain could automatically collect records of agreements, transactions, and other valuable information sets,
then link together the information and act on the data using smart contracts.
Blockchain Solutions in Insurance

11. Utilizing KYC Blockchain in Life Insurance

12. Claims Processing in Vehicle Insurance

13. Vehicle Damage Insurance

14. Bodily Injury

15. Conclusion
Blockchain can help streamline operations, reduce costs and enhance customer service. At the same time, it can
open the way for new business opportunities like expansion into specialized areas such as parametric insurance and
event insurance. Blockchain technologies can also support emerging business models where firms share policy risk
by working with other insurers.
SoluLab Blockchain Solutions can eliminate information silos to cultivate trust and
transparency:
● Streamline documentation management, investment and collateral instruments, and
more
● Compress cycle times and provide a fully auditable, immutable sequence of critical
events
● Reduce fraud and errors
● Eliminate the need for parties to contact each other to view data

16. SoluLab Overview
SoluLab is owned by two technophiles who have come from the backgrounds of Goldman Sachs and Citrix.
They understand that solopreneurs, small businesses and startups can’t knock the doors of these giants. But
they do deserve this talent. And hence, with a rich and varied experience in offshore software development
and project management capabilities, SoluLab was formed in 2014 to provide next generation IT Solutions.
Why SoluLab?
Our core focus is on quality, punctuality and devotion to the client requirements. We strive to bring the best
out of our Web and App Ninjas. We put our leg into the shoe of our clients to understand their requirements
and we add heart to technology while delivering their desired output.
A house full of coding Sherlocks that loves to learn, collaborate, design and create.

17. Our Team
Chintan Thakkar
Co-founder, Ex Vice President, Goldman Sachs, NYC
● Chintan worked as vice President, Front
Office Technology at Goldman Sachs.
● He has 13+ years of experience in global projects and
team management, client engagement, and
consulting in financial services & IT.
● He is instrumental and had repeated success building
highly effective technical engineering teams.
● Lead on enterprise system deployments and complex
system migrations at Goldman Sachs.
https://www.linkedin.com/in/chintan7
Rajat Lala
Co-founder, Ex Principal Architect, Citrix Systems
● Rajat worked as lead architect, Mobile Apps at
Citrix.
● Co-founder of Zuriy.com, entrepreneur and Apps
enthusiast with 15+ years of product development
experience.
● He developed several enterprise mobile apps from
scratch at Citrix Systems which are downloaded
and used by millions of users every day.
● He has proven track record of building complex
software products from scratch.
https://www.linkedin.com/in/rajatlala

18. CONTACT US
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Email
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