DISTRIBUTED LEDGER SYSTEM FOR CLAIM PAYOUTS
Systems and methods are disclosed with respect to using a distributed ledger, such as a blockchain, for managing claim payment activity. In particular, the distributed ledger may be utilized to track the status of a claim and to track payment activity associated with the claim. For example, the distributed ledger may be utilized to track estimates, offers, settlements, and payouts relating to insurance claims relating to injuries, property damage, (e.g., to homes, automobile, personal articles, or other insured assets), and other expenses (e.g., payments to vendors such as car repair shops, car rental companies, cleaning companies, contractors, etc.).
1 . A computer-implemented method for managing insurance claim payouts, the method comprising:
implementing a plurality of servers, each of the plurality of servers maintaining a copy of a distributed ledger;
detecting a payment, by an insurer to a vendor, of a monetary amount associated with an insurance claim filed by an insured;
responding to detecting the payment, by the insurer to the vendor, of the monetary amount associated with the insurance claim by storing to the distributed ledger a transaction record representing the payment event and including the monetary amount, wherein storing the transaction record includes:
(i) generating, at a first server from the plurality of servers, the transaction record representing the payment event;
(ii) proposing the transaction record to one or more other servers from the plurality of servers;
(iii) performing, via the plurality of servers, a consensus analysis of the transaction record utilizing a consensus mechanism; and
(iv) when the consensus analysis indicates that the plurality of servers have formed a consensus, storing the transaction record at the distributed ledger by storing the transaction record to each copy of the distributed ledger at the plurality of servers; and
performing an insurance function based upon the transaction record stored to the distributed ledger.
2 . (canceled)
3 . The method of claim 2 , wherein the payment is a payment to repair or replace damaged property.
4 . The method of claim 1 , wherein the plurality of servers include: an insurance provider server; a vendor server; and a mobile device of an insured individual.
5 . The method of claim 1 , wherein the insurance function is a payment of a claim.
6 . The method of claim 1 , wherein the insurance function is any one or more of: providing an offer; accepting the offer; providing a counter-offer; and submitting an estimate.
7 . The method of claim 1 , wherein the data corresponding to the payment event further includes any one or more of the following: an identifier for an insured individual filing the insurance claim; and an identifier for an insurance provider with whom the insurance claim was filed.
8 . The method of claim 1 , wherein the data corresponding to the payment event includes any one or more of the following: an identifier for a policy corresponding to the insurance claim; a description of the policy; one or more limits for the policy; and one or more premiums for the policy.
9 . The method of claim 1 , wherein storing the transaction record at the distributed ledger comprises: storing the transaction to a block.
10 . The method of claim 9 , wherein performing the consensus analysis comprises generating a hash value for the transaction, and utilizing the hash value for the transaction to generate a hash value for the block.
11 . The method of claim 1 , wherein the consensus mechanism is: a proof of work mechanism, a proof of stake mechanism, or a proof of activity mechanism.
12 . The method of claim 1 , wherein the consensus mechanism is: a proof of burn mechanism, a proof of capacity mechanism, or a proof of elapsed time mechanism.
13 . A system for managing insurance claim payouts, the system comprising:
a plurality of servers maintaining a distributed ledger for tracking payment events pertaining to insurance claims, wherein each of the plurality of servers includes a memory storing: (A) a copy of the distributed ledger, and (B) instructions that, when executed, cause the respective server to:
(i) detect a payment, by an insurer to a vendor, of a monetary amount associated with an insurance claim filed by an insured;
(ii) respond to detecting the payment, by the insurer to the vendor, by generating, at the respective server, a transaction record representing the payment and including the monetary amount;
wherein the plurality of servers are configured to: (i) perform a consensus analysis of the broadcasted transaction record utilizing a consensus mechanism; (ii) store the transaction record at the distributed ledger when the consensus analysis indicates that the plurality of servers have formed a consensus by storing the transaction record to each copy of the distributed ledger at the plurality of servers; and (iii) perform an insurance function based upon the transaction record stored to the distributed ledger.
14 . (canceled)
15 . The system of claim 14 , wherein the payment is a payment to repair or replace damaged property.
16 . The system of claim 13 , wherein the plurality of servers include: an insurance provider server; a vendor server; and a mobile device of an insured individual.
17 . The system of claim 13 , wherein the insurance function is a payment of a claim.
18 . The system of claim 13 , wherein the insurance function is any one or more of: providing an offer; accepting the offer; providing a counter-offer; and submitting an estimate.
19 . The system of claim 13 , wherein the data corresponding to the payment event further includes any one or more of the following: an identifier for an insured individual filing the insurance claim; and an identifier for an insurance provider with whom the insurance claim was filed.
20 . The system of claim 13 , wherein the data corresponding to the payment event further includes any one or more of the following: an identifier for a policy corresponding to the insurance claim; a description of the policy; one or more limits for the policy; and one or more premiums for the policy.