it is interesting that Socratus project by making the insurance policy process online. But what about the claim insurance process itself when users want to make a claim?
Hi! Thank you for your interest! The claim handling process is fully described in the Whiteapaper of Socratus. You can find it here:
http://socratus.io/wp/Also, you can take a look at the following example that demonstrates how the insurance claim handling works:
Step 1: The user opens the Socratus powered website (as an Insurance carrier). The user creates or logs into the existing account and types the details of his/her apartment/house to calculate the insurance quote.
Step 2: When registering into account, the user should enter the required personal data sufficient to comply with the KYC rule to use an insurance product.
Step 3: The client installs several verified IoT devices in various places of his/her residential facility or uses the already installed ones to detect flooding. Such devices have a hardware-protected private key, GPS finder/embedded camera, ability to detect and send information about the level of water confirmed with their own private key.
Step 4: The customer decides to get an insurance offer and a draft smart-contract from Socratus. The customer requests the quote. To do this, the customer gives the platform access to his/her flood-detection devices and provides the personal information that may affect the requested quote.
Step 5: The customer chooses the quote from the options offered by the Insurance company based on his/her preferences.
Step 6: Sometime later, a room is flooded. Proving insurance accident occurred data is available on the platform.
Step 7: The smart-contract (and the relevant components of automated analysis) processes the analysis results of the data obtained from the devices installed in the house, GPS location and public information confirming that the flooding occurred in the designated area. Then an
automated decision is made whether the agreed amount should be paid to the insured person.