Due to the conflicts of interest arising in traditional insurance claims, we use automated processes to assess claims and make objective decisions. Smart contracts enhance our claims process through automation and minimization of human management. These characteristics eliminate manipulation. Terms in within the smart contract are predefined and therefore easily verifiable by our system.
If a policy event occurs, Steady State’s smart contracts consider both on-chain and off-chain data while integrating Chainlink Oracles and Keepers to validate or reject claims automatically. With the availability of immutable data, the automatic claims process uses machine learning algorithms that are predefined and accepted by the policyholder during the underwriting process.