Insurance fraud is any act committed with the intent to obtain a fraudulent outcome from an insurance process. This may occur when a claimant attempts to obtain some benefit or advantage to which they are not otherwise entitled, or when an insurer knowingly denies some benefit that is due.
Fraud steals $80 billion a year across all lines of insurance, conform coalition against insurance fraud estimation.In USE conform fbi on insurence fraud the anual cost is around 40 bilions $. The aims of Knox Project is to build a platform with the help of the blockchain, will solve the problem of falsification of insurance policies.
Creating the most efficient and advanced structure in the sector, to find a solution to the problem of certification and anti-forgery of insurance policies. It will be the first ever to emit insurance policies both in smart-contract and traditional paper form.
With smart contract the spread of false insurance policies is avoided because it is the same system that issues them after receiving the payment.On the smart contract the company won't have delay in collecting credits,as the policy is issued only after receiving the payment, and in the event of accidents the real judge who will decide whether or not to pay them is no longer the company, which could have an opportunistic behavior, but the block-chain system will decide if this accident is compliant with the provisions in the policy. This benefit will be the most important as it will increase the transparency of the company towards customers. Using the blockchain will increse a reputation of behavioral seriousness and fair.
The certification of the authenticity of the policies will be carried out partly on the internal platform of Knox Insurance and partly on the Blockchain of Ethereum. At the end of the certification process, will be issued a smart contract that combines the authenticity and coverage of the policy while respecting the privacy rights of the contracting parties.
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written by :juv3ntus1 ( https://bitcointalk.org/index.php?action=profile;u=2039680)