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ICICI Lombard Expert Blog
 

Cognizant Develops Blockchain Solution for Insurers

April 16 2018
Blockchain Solution for Insurers

Solutions based on blockchain technology are still in the nascent stage of development, but it is already well known that it is the future of the banking and finance industry. PwC’s Global Fintech Report 2017 states that by 2020, 77% of financial technology institutions will adopt blockchain as a process.

Technology firm Cognizant has come up with a blockchain solution, in partnership with several life insurers that will help them in facilitating cross-company data sharing.

Developed last year, the solution is a first among the insurer consortiums distributed ledger initiatives. Participating insurers storing data on blockchain will benefit from reduced operating costs, preventing duplication of procedures, and easy traceability along with consistency and transparency of records.

Due to data sharing, the solution will help insurers reduce the risk of fraud, money laundering and data breaches as well. Furthermore, it is also expected to better record keeping, improve process efficiency and accelerate turnaround time.

The solution is based on Corda (a distributed ledger platform that is developed by R3 and hosted on Microsoft’s Azure infrastructure). It will assist insurers by reducing their reliance on data intermediaries for obtaining customer and policy details, thus reducing document processing expenses by 15-25% amounting to savings worth billions to the insurance industry.

Generally, these details are required for critical purposes such as when doing customer due diligence, regulatory compliance, fraud detection, risk assessment and medical underwriting among others.

*Source: Business Standard

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