Evidence Oracles for Blockchain Vehicle Subrogation Claims
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Solution Overview
Problem
The insurance claim process, particularly subrogation claims, is lengthy and complicated due to the need for extensive communication and verification among various parties, including insurance companies, repair shops, lawyers, and government agencies, with disputes often arising over repair costs and liability determination.
Innovation Solution
Utilizing a blockchain with evidence oracles and machine learning to manage subrogation claims, where data from sensors, mobile devices, and smart vehicles is collected and analyzed to determine fault, facilitate negotiations, and execute smart contracts for secure transactions.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If traditional insurance claim processes are used with multiple intermediaries and manual verification, then comprehensive information verification can be achieved, but the process becomes lengthy and costly
Solution Approach 1:
The patent replaces manual verification processes with automated smart contracts and blockchain technology. Smart contracts automatically execute verification of claim information against stored data, eliminating the need for manual review by intermediaries while maintaining comprehensive verification of repair costs, liability, and damages.
Solution Approach 2:
The system enables self-service through automated smart contracts that autonomously verify claim information, execute payments, and manage the entire claims process without requiring continuous human intervention. The blockchain network automatically maintains records and facilitates transactions between all parties.
2Reliability
If multiple intermediaries are involved in subrogation claims, then comprehensive negotiation and verification can be achieved, but the process becomes complicated and expensive
Solution Approach 1:
The patent extracts and eliminates unnecessary intermediaries from the claims process by implementing a direct peer-to-peer blockchain network. The smart contracts handle all negotiation and verification functions that previously required intermediaries, simplifying the process while maintaining comprehensive claim management capabilities.
Solution Approach 2:
The system merges multiple separate verification and negotiation functions into a single integrated blockchain-based platform. Smart contracts simultaneously handle liability determination, damage assessment, and payment processing, consolidating what previously required multiple separate intermediaries into one unified system.
3Ease of operation
If third-party intermediaries handle subrogation negotiations, then professional mediation can be achieved, but additional expenses are incurred
Solution Approach 1:
The patent implements self-service through smart contracts that automatically facilitate negotiations and execute agreements without requiring third-party intermediaries. The blockchain network provides the infrastructure for secure communication, verification, and transaction execution, eliminating intermediary fees while maintaining professional negotiation capabilities.
Solution Approach 2:
The system replaces the mechanical intervention of third-party mediators with automated smart contract execution. The blockchain network provides cryptographic verification and automated transaction processing, substituting the need for expensive intermediary services while maintaining secure and professional claim resolution.
Data Source
AI summary
Systems and methods are disclosed with respect to using a blockchain for managing the subrogation claim process related to a vehicle collision, in particular, utilizing evidence oracles as part of the subrogation process. An exemplary embodiment includes receiving recorded data from one or more connected devices at a geographic location; analyzing the recorded data, wherein analyzing the recorded data includes determining that an collision has occurred involving one or more vehicles; generating a transaction including the data indicative of the collision based upon the analysis; and transmitting the transaction to at least one other participant in the distributed ledger network.