Re:Tierion: Record and Send Data with the Blockchain
by modeless on Thursday October 01, 2015 @01:00AM
(#10309308)
I don't see the benefit for the insurance company. The data isn't stored in the blockchain, so they will still have to maintain their own claims database. Why would they pay for the privilege of putting proofs in the blockchain when they already have their own database that they trust perfectly well?
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Re:Tierion: Record and Send Data with the Blockchain
by waynevaughan on Thursday October 01, 2015 @07:53AM
(#10310501)
The insurance companies are relying on an outside network of vendors. They are currently exchanging data using FTP/email and .CSV files. The usual controls for compliance, data-integrity, and fraud prevention are not in place. Our solution gave them an easy way to build an immutable audit trail and maintain data-integrity without having to incur the expense of integrating their external vendors.
In a perfect world, the insurance company would maintain a central database of claims data and everyone would work off that data. In the real world, data is being shared in an inefficient manner.
Insurance companies spend $2billion annual on fraud and compliance. Our solution helped them reduce their costs.