How can blockchain help in fraud prevention in insurance?

Blockchain prevents fraud by maintaining a shared and immutable record of policyholder history and claims. This prevents duplicate claims, false claims, and identity theft by ensuring that all data across insurers and regulators is verified and accurate.

What are policyholder rights under an insurance contract?

Policyholders have the right to fair treatment, timely claim settlement, access to policy documents, transparent pricing, complaint resolution mechanisms, and legal recourse in case of disputes.

Does employer liability insurance cover independent contractors?

No, independent contractors are not considered employees, so they typically need their own liability insurance for coverage.

Is comprehensive coverage mandatory?

No, comprehensive coverage is not legally required. However, lenders or leasing companies often require it for financed or leased vehicles. If you own your car outright, it is optional but highly recommended.

What should I do if a peril causes damage to my property?

Report the damage to your insurer immediately, document the loss with photos, prevent further damage if possible, and provide necessary documents to support your claim.

How do insurers handle fraudulent claims?

Insurers investigate fraudulent claims using surveillance, forensic analysis, and expert reports, and may deny claims or take legal action.

What is the role of AI in improving customer service?

AI enhances customer service through chatbots, virtual assistants, and automated customer support systems. These AI-driven tools can handle routine inquiries, provide instant responses, and offer personalized recommendations, improving the overall customer experience. AI also helps businesses analyze customer feedback to fine-tune their products and services.

How does an excess of loss treaty function?

An excess of loss treaty protects against large claims by requiring the reinsurer to cover losses exceeding a specific retention amount per event or policy.