Insurance is one industry that’s being disrupted by blockchain technology on a near-weekly basis.
The latest entrant? Kasko2Go — a blockchain technology-based car insurance startup with a unique trick up its sleeve: military-grade anti-fraud technology that the company says goes way beyond insurance fraud detection.
“Our anti-fraud system is based on a platform called GetmeIns, designed by Click-Ins, which is a subsidiary of Kasko2Go,” the latter’s CEO, Genaldi Man, told me. “We address insurance fraud as a moving target. To deal with a moving target, you always have to be few steps ahead — not just to react to it, but also to make it possible to predict it.”
So how does it work? The solution creates a digital fingerprint of the vehicle that is used whenever a claim is processed.
“GetmeIns technology generates building a unique digital signature of damage based on a single picture of the damage or a set of images — similar to the fingerprint technology used in criminology,” Man said. “These signatures can be matched to any baseline — either historical accident pictures or any third-party pictures associated with the same accident. Insurers will know if particular damage has already been seen or claimed … or if it has a new origin.”
That’s significant because, while estimates vary, the Coalition Against Insurance Fraud puts the cost of fraudulent claims in the U.S. in the range of $80 billion every year.
“We believe as our technology is adopted by insurance, any manipulations with crashed parts in motor claims will be significantly reduced or even completely cut off,” Man said. “This is going…
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