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Client Story
Competitor tracking for blockchain innovations in the Insurtech sector
Impact
0%
Reduction in processing time and improving customer satisfaction by enabling the client to launch a blockchain-based claims automation platform.
0%
Reduction in fraudulent claims within the first six months of deployment.
0%
Additional market share captured in the Insurtech sector.
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Client
Digital insurance platform and fraud prevention solutions provider
Products
Automated claims processing, risk assessment tools, and digital policy management
Industries
Insuretech
target geo
Global
business objective
- The client aimed to track competitors’ adoption of blockchain technology for improving claims processing transparency and fraud prevention.
- With blockchain gaining traction in the insurance industry, the client sought to understand competitor strategies, partnerships, and pilot projects to accelerate its own blockchain initiatives and enhance its competitive positioning.
Our solution
- Competitor Technology Benchmarking: Evaluated competitors’ blockchain applications for fraud detection, claims automation, and policy management; Assessed key features, such as transaction transparency and automation efficiency, to benchmark the client’s offerings against market leaders.
- Partnership and Ecosystem Mapping: Identified alliances between competitors and blockchain technology providers, focusing on collaborations with Insuretech startups and cloud providers; Analyzed co-development initiatives, revealing how competitors leveraged partnerships to accelerate blockchain integration.
- Pilot Project and Product Launch Monitoring: Monitored blockchain-based pilot projects in fraud detection and claims processing across competitors; Tracked product launches and customer feedback, offering insights into adoption timelines and potential improvements.
Outcome
- Enabled the client to launch a blockchain-based claims automation platform, reducing processing time by 20% and improving customer satisfaction.
- Strengthened fraud detection capabilities, leading to a 13% reduction in fraudulent claims within the first six months of deployment.
- Positioned the client as an early adopter in blockchain-enabled insurance solutions, capturing 6% additional market share in the Insuretech sector.
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