Definition ∞ Insurance Claims are formal requests made by policyholders to an insurance provider for payment or compensation under their policy terms. These claims are assessed by the insurer to determine their validity and the appropriate payout amount. The process typically involves submitting documentation and undergoing evaluation.
Context ∞ Blockchain technology is being applied to streamline and automate insurance claims processing, particularly through smart contracts. This can accelerate claim verification and payouts, reducing administrative costs and potential fraud. The development of decentralized insurance protocols and parametric insurance models represents significant advancements in the sector.
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