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Enhancing trust and fairness at every step in the process


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A trust-and-efficiency engine such as blockchain technology has the potential to transform customer experience in the insurance industry. This is evident in healthcare insurance, where the claims process requires manual sharing and access of information across multiple stakeholders that causes various roadblocks to efficiency such as delays in turnaround time, inconsistency in coverage validation, and potential for fraud. However today, Mphasis blockchain is radically changing this industry by automating the process to increase overall efficiency and stakeholder satisfaction at every level. Its features include:
• Powerful cloud-based cognitive engine along with cognitive OCR
• Leverageable machine learning and deep learning algorithms
• Adaptable modules that work with multiple file formats and types
• Innovative template agnostic designs
• Internal and external field validation
• Robust analytics and decision metrics from structured and unstructured data
• Dynamic cognitive analytics driven straight through processing
• Private, permissioned blockchain network
• Easy onboarding of partners to the network
• Guaranteed real-time data available to all parties
• Assured straight through processing via smart contracts
• Prompt consensus through a network of third-party administrators (TPAs)
• Available audit trail (history of transactions) to all parties
• Enabled blockchain explorer to traverse the ledger data and transactions
• Decoded smart contract transactions 
• Immediate document upload to IPFS used as a single storage repository