APS seek Blockchain solution to accelerate claims procedure

APS Blockchain Challenge seeks solutions that can, for example, ensure the harmonization of concepts in the insurance industry and increase the transparency of the process and accelerate the insured compensation process.

The Portuguese Blockchain Alliance announces a new Blockchain Challenge. The Portuguese Association of Insurers (APS) seeks solutions based on this technology so that it is possible to change the insurance sector in Portugal. For APS, this is an opportunity to "illustrate the full potential of Blockchain in the insurance industry."

Blockchain technology can be a very useful and powerful tool for verifying and obtaining essential Land Register information in the context of the application of multi-risk real estate insurance and disaster funds and the adequacy of premiums in the underwriting of equity risks.

Through a new challenge of innovation promoted by APS and the Portuguese Blockchain Alliance, solutions are sought to guarantee the robustness and reliability of the data made available by the different interlocutors, as well as applications, tools or services that are triggered in the event of a disaster accurate and immediate visibility of the affected areas, coverages allocated and indemnities payable, among others. Those interested in responding to this Challenge will have until December 2 to present their ideas and proposals.

"Blockchain technology has shown great potential for rethinking business models in various industries and for the insurance industry this potential may be disruptive," explains José Galamba de Oliveira, Chairman of the Board of Directors of the Portuguese Association of Insurers. "By enabling access to data in a secure, transparent and controlled way, wherever and whenever needed, Blockchain technology leveraged in smart contracts significantly improves the efficiency of core processes in the insurance industry's value chain. In view of this potential, APS has joined the Portuguese Blockchain Alliance and has developed a concrete challenge to illustrate the full potential of Blockchain in the insurance industry," added the APS official.

"The insurance industry is one of those already benefiting from the Blockchain technology, and there are already several examples around the world of what this paradigm can do for claims management," says Rui Serapicos of the Portuguese Blockchain Alliance. "Assuming a pivotal role in the sector, the Portuguese Association of Insurers is already looking to be at the forefront of this technology and introduce processes and solutions based on Blockchain."

More information on this and other Challenges can be found on the website of the Portuguese Blockchain Alliance.