Created on 10th November 2024
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Traditional insurance claims processing is slow, opaque, and vulnerable to fraud, leading to long wait times and increased costs. Insurers struggle with verifying claims, while claimants often face lengthy delays.
SecureSure uses blockchain and AI to transform the claims process, making it faster, more transparent, and secure:
Decentralized Data Storage: Claims data is stored on a blockchain, providing an immutable, transparent record. This approach ensures data integrity and prevents tampering.
Automated Disbursements with Smart Contracts: Smart contracts automate claim payouts for verified claims, reducing delays and providing predictable, timely payments.
AI-Powered Fraud Detection: SecureSure’s AI models analyze claim patterns to flag suspicious claims, helping insurers reduce fraud losses and enabling quicker processing for legitimate claims.
User-Controlled Data Privacy: Blockchain-based verification allows users to manage their data securely, sharing only what’s necessary for claims, with complete control over their privacy.
With blockchain and AI, SecureSure offers a reliable, efficient, and user-friendly solution to modernize insurance claims.
Smart Contract Automation and Security: Developing smart contracts to automate disbursements required careful handling to prevent unintended payouts and ensure security. We conducted rigorous testing on test networks (like Rinkeby for Ethereum) to identify and fix vulnerabilities, ensuring contracts only execute under the correct conditions.
AI Model Accuracy for Fraud Detection: Training the AI model to detect fraudulent claims accurately was challenging due to a lack of balanced data. Fraud cases are often outnumbered by legitimate claims, creating an imbalanced dataset. We addressed this by using data augmentation techniques and applying sampling methods to create a more representative dataset, improving the model's reliability.
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