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Claims Processing: Behind the Scenes

When a bettor insures a bet on Kohin, which results in a loss, the Insurance Settlement Engine springs into action. Here's how it works:

  1. Claim Submission and Processing: Users submit claims, and once validated, payouts are disbursed directly to the bettor's wallet.
  2. Bet Outcome Verification: Once a bet concludes, the system verifies the result through its integration with the prediction platform (e.g., Azuro).
  3. Claim Validation: If the bet is insured, the system checks the policy conditions (e.g., insured amount, bet type, odds) to confirm eligibility for a payout. Smart contracts govern the entire validation process, ensuring transparency and eliminating the need for third-party intermediaries.
  4. Payout Execution: Once the claim is validated, Kohin's Insurance Settlement Engine disburses the payout directly to the bettor's wallet.