Inspiration
As many insurers have moved into statutory administration over the last decade, Kenya's motor insurance sector is facing challenges. A typical existing insurance system necessitates manual interaction during various transaction processes, which slows operations and lengthens payment processing times.
What it does
Using smart contracts, we hope to automate policy processing, claim settlement, and payments. This will allow businesses to implement Know Your Customer (KYC) and anti-money laundering (AML) procedures, as well as register high-value items and warranties, allowing for easier reinsurance procedures, claim handling, and distribution methods in the event of a claim filing or change of ownership.
How we built it
The idea was a tough one to select from. we choose our project considering this four factors
- Urgency in the market 2.Cost 3.User Experience 4.Ability to Solve The next we jumped to JavaScript and solidity for our language and started the project. ## Challenges we ran into We are unable to accept other forms of payment using the smart contract, only Ethereum ## Accomplishments that we're proud of Able to make payments using metamask Learning a new programming language cut down on time processing of claims ## What we learned Working in teams is fruitful as we get to share ideas The need for the application in the market ## What's next for Xela Smart car Insurance To scale our application to accomodate other insrance companies intergrate with IOT devices to read and store data in the blockchain
Log in or sign up for Devpost to join the conversation.