Bajaj Allianz General Insurance company said that it has utilized blockchain technology to hasten the process of claims settlement in travel and motor sectors, The Hindu Business Line reported.

The company has launched ‘Travel Ezee’ that leverages blockchain, in order to carter overseas travel policy customers to actively make customers aware of their payout eligibility in case of an overseas flight delay.

“This is helping us to bring down the current settlement turnaround time for some plans from days to minutes,” Sourabh Chatterjee, Head-IT, Web Sales and Digital Marketing, Bajaj Allianz General Insurance, told BusinessLine. “This technology allowed us to integrate with different travel providers to initially start the offering from travel alliance.”

With the help of blockchain, the platform removes the need for third party by directly connecting the customers and suppliers on the same platform.

Travel Ezee will initiate the claims process to inform the customers. It allows customers to receive their claims instantly without actually filing for an overseas flight delay.

The company also launched ‘On The Spot’ facility for motor claims, where the customer is allowed to self-inspect and file a claim through the company’s insurance wallet app together with pictures of the damaged vehicle and policy/bank details, the report stated.

“Over 65 per cent of the motor claims that we receive are minor claims with loss amounts of less than ₹20,000. The new initiative not only speeds up the claims process for these claims, but also the process for bigger claims,” Chatterjee added.