Carriers grapple with paper-intensive processes, high transaction volumes, and complex reconciliation requirements in setting up contracts for certain lines of business (e.g., commercial) that involve multiple parties across geographies. There are tremendous challenges due to disparate data sources and processes which often result in issues around transparency, speed of data exchange and compliance.
Goals and Objectives
Create a collaborative decentralized technology platform to enable a frictionless insurance business. The platform should allow secure and seamless transactional capabilities for different stakeholders such as the corporate/ commercial insurance customers, insurance standards bodies, intermediaries, technology suppliers, insurers, and reinsurers.
Blockchain/ distributed ledger technologies. Smart contracts. Modern cloud-enabled infrastructure. Open architecture/ standards. Modern APIs and app development frameworks. Sensor-based technologies. Cognitive technologies.
Use Case Summary
Implement a frictionless insurance business and present a shared real-time “single version of truth” about coverage, premium payment and other aspects to all stakeholders involved in complex insurance contracts. Provide a reliable audit trail and help reduce fraud and streamline core insurance processes such as policy administration and claims in a transparent manner.