The problem PnB Metlife Insurance solves

Traditional life insurance systems are plagued by inefficiencies, lack of transparency, and a cumbersome, paper-heavy process that can lead to delays in policy management and claim settlements. These centralized systems often result in eroded trust among policyholders due to the opaque nature of claim processing and policy issuance. Furthermore, policyholders are constrained by the limitations of single blockchain networks, lacking the flexibility to choose or switch networks based on transaction costs, speed, and security preferences. This scenario underscores a critical need for a revolutionary approach that can offer both transparency and flexibility, restoring trust and efficiency in the life insurance sector.We propose a decentralized life insurance platform built on Web3 technology, utilizing blockchain to enhance transparency, efficiency, and security. Our platform allows users to choose and switch between multiple blockchain networks like Polygon,XDC Network according to their transaction preferences.

Challenges we ran into

Scalability and Transaction Costs: High transaction fees, especially on Ethereum, threatened the project's affordability. By integrating with Polygon for lower costs and optimizing our smart contracts, we managed costs effectively.

Interoperability Between Chains: Achieving seamless operation across different blockchains was complex. We implemented cross-chain technologies and custom middleware to ensure flexibility and a smooth user experience.

User Interface and Experience: Simplifying blockchain complexity for users was daunting. Through user-centric design and extensive testing, we created an intuitive interface, supplemented with educational resources.

Regulatory Compliance and Data Privacy: Balancing decentralization with regulatory compliance and privacy was challenging. We consulted legal experts and utilized encryption and zero-knowledge proofs to protect user data while complying with regulations.

Smart Contract Security: The immutability of blockchain magnified the impact of potential smart contract vulnerabilities. We mitigated risks through thorough testing, independent audits, and employing formal verification methods.