🔥Solution
Last updated
Last updated
Traditional travel insurance often suffers from limited product variety, complex enrollment procedures, and regional or national access restrictions, creating user inconvenience. Insurance enrollment can be cumbersome, and comparing products is challenging. Especially for international travelers, obtaining insurance can be complicated, often due to a lack of information.
Traditional travel insurance requires significant time and effort for claims processing. Users must fill out paperwork, submit evidence, and wait for extended periods for payment. This process is inefficient and causes user inconvenience.
Compensation criteria and procedures may be unclear, or there may be a lack of transparency in communications with insurance providers. This can lead to dissatisfaction and cases where users do not receive compensation.
While cryptocurrencies and digital assets are gaining popularity, most traditional insurers do not support these new payment methods. Users find it difficult to locate travel insurance products that accept cryptocurrencies. By addressing these issues with blockchain technology, the project aims to streamline the insurance process, enhance accessibility, and offer new payment options.
Solution: Utilize blockchain technology to automate and transparently manage travel insurance enrollment, claims, and compensation processes. Smart contracts will automatically activate insurance coverage upon enrollment and handle claims and compensation automatically. This will simplify insurance management, allowing users to easily access insurance services anytime and anywhere.
Solution: Automate the claims process through smart contracts and blockchain technology to save time and effort. When events like flight delays or cancellations occur, the system will automatically trigger insurance payouts, ensuring prompt compensation. This minimizes user inconvenience during the claims process and accelerates compensation.
Solution: Develop a payment and compensation system that supports a variety of cryptocurrencies, offering users more options. In addition to ORB coin, users will be able to pay for insurance premiums and receive compensation using cryptocurrencies such as Bitcoin and Ethereum. This addresses the needs of users who prefer digital assets.
Solution: Use AI and machine learning algorithms to analyze traveler data and provide personalized travel recommendations. This allows users to receive tailored insurance products and travel suggestions based on their travel style and preferences. AI-driven analysis enables more accurate recommendations, improving user satisfaction.
Solution: Implement a points system to encourage user engagement and increase customer loyalty. Users will earn points for activities such as entering flight information, checking in, and checking out. These points can be redeemed for paid insurance or other services. The points system incentivizes active participation and enhances interest in the service.
The current travel insurance market faces challenges such as limited accessibility, inefficient claims processing, opaque compensation processes, and a lack of support for cryptocurrency payments. This project addresses these issues using blockchain technology and cryptocurrencies to provide a more convenient and transparent travel insurance service. By streamlining insurance enrollment and claims processes with smart contracts and automation, supporting cryptocurrency payments, and offering personalized services through AI, the project aims to improve the overall travel experience.
