Evidence Oracles for Blockchain-Based 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 multiple parties to exchange and verify information, often relying on third-party intermediaries, which increases costs and time.
Innovation Solution
Utilizing a blockchain with evidence oracles and machine learning to manage subrogation claims, enabling secure data input, automated recommendation engines, and smart contracts to facilitate the claims process.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If traditional insurance claim processes are used with multiple parties exchanging information, then information verification can be performed, but the process becomes lengthy and complicated with increased time and cost
Solution Approach 1:
The patent merges the roles of multiple intermediaries (adjusters, appraisers, repair shops, body shops) into a single decentralized blockchain network where all parties operate as peer-to-peer nodes. This consolidation eliminates redundant verification steps while maintaining information accuracy, as each party's data is directly recorded on the shared ledger without requiring multiple layers of intermediation.
Solution Approach 2:
The blockchain itself serves as the intermediary that enables direct information exchange between all parties. The distributed ledger acts as a trusted mediator that stores, verifies, and shares claim information transparently, eliminating the need for traditional centralized intermediaries while ensuring data integrity and reducing processing time.
2Ease of operation
If third-party intermediaries are used to facilitate subrogation claims, then information exchange can be managed, but costs and time increase
Solution Approach 1:
The patent extracts the intermediary function from traditional third-party companies and embeds it directly into the blockchain infrastructure. The smart contracts and distributed ledger handle information exchange automatically, removing the need for separate intermediary firms and simplifying the overall process architecture.
Solution Approach 2:
The system enables self-service operation where parties directly input and verify information on the blockchain without requiring third-party facilitation. Each participant can independently submit claims, provide evidence, and track progress, with the blockchain automatically managing the complex coordination between parties.
3Measurement precision
If multiple parties verify and share information from various sources, then claim accuracy can be improved, but the process becomes more complicated
Solution Approach 1:
The patent segments the verification process into distinct blockchain transactions and smart contract functions, where each party's verification actions are recorded as separate, traceable events. This segmentation allows complex multi-party verification to be broken down into manageable steps while maintaining overall system simplicity through automated execution.
Solution Approach 2:
The blockchain provides real-time feedback to all parties about the status of information verification and claim progress. The distributed ledger automatically updates and notifies participants of changes, enabling continuous verification without requiring complex manual coordination or follow-up procedures.
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.