InstaChain IRMS is a blockchain-based platform that simplifies insurance recovery, reconciliation and settlement processes. It ensures efficient coordination and transparency across all involved stakeholders.
Demystifying The Future!
INSTACHAIN – The Insurance Recovery Management System (IRMS) is a decentralized, blockchain-based platform designed to streamline the complex processes of insurance claim recovery, reconciliation and settlement between multiple stakeholders in the insurance industry.
IRMS enables insurance companies to raise recovery claims with counterparties, leveraging automated reconciliation of payable and receivable amounts. The decentralized nature of the solution ensures that data exchange between stakeholders is secure, visible, and transparent, thereby enhancing trust and reducing friction in the claims recovery process.
As a national platform and initiative, IRMS aims to significantly reduce business risks and improve operational efficiencies across the insurance sector. By providing a standardized framework for recovery claims management, the platform enhances collaboration, reduces processing time, and increases accountability among the insurance companies.
What’s inside InstaChain
Instachain is Avanza's Blockchain platform for insurance claim recovery, reconciliation and settlement between multiple stakeholders in the insurance industry.
InstaChain (IRMS) Key Features
Secure, visible and transparent data exchange between stakeholders due to the decentralized nature.
A single shared ledger ensures all parties operate on identical data, eliminating discrepancies and the manual effort of cross-party reconciliation.
Each transaction will be permanently recorded and tamper-proof, providing a transparent, fully traceable history for compliance and dispute resolution.
Real-time insight into claim status, receivables and payables, ensuring faster decisions and greater operational transparency.
Predefined rules ( Smart contract ) that automates entire lifecycle.
Instachain Avanza’s Blockchain-Powered Solution for Insurance Recovery, Reconciliation and and Settlement Management.
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