SIX Network, blockchain leader for creative industries, and Claim Di announce the signing of a memorandum of understanding (MOU) to develop a “smart digital insurance system” together, aiming to revolutionize the insurance industry with blockchain technology.
The collaboration occurs by the MOU between SIX Network and Claim Di, Thailand’s leading insurance tech company, to join forces to share expertise to find new opportunities in the insurance industry. Claim Di is an application platform for car insurance claim business which aims to help the partnered insurers reduce operation costs as well as remove the possibility of fraud while the insured can make the claim by themselves without having to wait for the surveyors. In 2019, the number of application downloads is up to 1.6M times with over 3M incidents claimed in this Claim Di application platform and 50 partnered insurance companies in this platform. SIX Network and Claim Di teams believe that it is the time for them to join hands to enhance the capability of this platform for the sake of all stakeholders in the car insurance supply chain.
In an early stage of the collaboration, SIX Network starts from integrating the Capture-Locked Image technology from ‘snap’, the company’s blockchain camera app into Claim Di products including “Claim Di”, “Me Claim”, and “Police i lert u”. ‘snap’ uses Capture-Locked Image (“CLI”) technology that helps shorten the investigating process with real captured images of car accidents. The image captured by ‘snap’ is protected with CLI technology and stored on blockchain, which means that image manipulation is not possible.
Besides data storage and management on blockchain, ‘snap’ can help segregate data ownership and create a database of drivers in the insurers’ portfolio. To be more specific, the insured or the drivers can permit the platform to use vehicle inspection and claim history as well as the driving profile of the insured. Once this data is permitted and can be used to analyse the driver or the insured’s profile, the insurers can use such information to provide reasonable and fair insurance premiums to the insured and the insurers can mitigate the risk of accepting risky drivers into portfolios.
In addition, blockchain technology allows the platform to use anonymous accident and emergency information on the road from the insured or the drivers who opt in to the platform to predict future accident claims (Predictive Analysis) on specific roads. This predictive information can be used by various important government agencies for better living of the people.
This collaboration is just the beginning of the bigger game plan to create a “smart digital insurance system and data management on blockchain” in the future. The highest goal of both parties is to innovate a new insurance system that can be controlled by the insured, in other words, to decentralize the whole industry by the power of blockchain.
‘snap’ application is a virtual inspection platform with ‘Capture-Locked Image (CLI)’ technology that cross-checks data from various types of sensors on smartphone devices with external third-party data to ensure the accuracy of image location and other EXIF data of the specific images. Once the image is verified by CLI, the image data will be sent to store on blockchain. The total process will ensure that there is no manipulation of images’ metadata during the process of inspection.
‘snap’ helps solve problems from fraudulent information. Without an offline inspection, ‘snap’ saves a huge amount of operation costs and processing time for both businesses and individuals.
The Technology behind ‘snap’
Capture-Locked Image (CLI) technology consists of two important technologies (i.e. blockchain and AI/ML). Once the camera in the ‘snap’ application is opened, CLI starts to analyse location of the user and once the user captures the image, CLI will take information from the image (e.g. sun azimuth/ altitude, shade of light, location, date and time, brightness, and all other image metadata), analyse the image using 4 algorithms (i.e. aHash, pHash, dHash and wHash) and send all the information to blockchain for keeping track. The 4 algorithms are used to generate a weighted comparison among images to ensure that the image taken is real and original.
For more information about ‘snap’, please refer to the link here.
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