The problem ClaimShield solves

Insurance fraud costs billions annually, affecting insurers and honest policyholders. Blockchain offers a solution by providing secure, tamper-proof records that enhance transparency and accountability. Its decentralized ledger ensures that all transactions policy issuance, claims, or updates are immutable and visible to authorized parties, deterring data manipulation.

Smart contracts automate claim processing, releasing payments only when conditions are met, minimizing manual errors and fraud opportunities. Blockchain also strengthens identity verification, reducing identity theft and duplicate claims. By enabling secure data sharing across insurers, blockchain fosters industry-wide collaboration in detecting fraud, leading to lower premiums, faster claims, and greater trust in the insurance process."

Challenges we ran into

Just we two lone wolfs and chatGPT made this impactful solution, But we had overcome and tackle many of the challenges to Propose this solution. The challenges are as follows :

Lack of Industry Standards and Interoperability
The absence of standardized protocols for blockchain in the insurance industry hinders collaboration and data-sharing, limiting its ability to prevent fraud across companies.

Integrating blockchain with existing insurance systems is difficult, as legacy infrastructure is deeply entrenched. Bridging this gap requires significant resources and technical expertise without disrupting current operations.