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Insurance

Blockchain in insurance: use cases and applications

Today’s insurance industry faces a number of challenges, including disparate sources of data and inefficient contract placement involving extensive manual intervention. In addition, the claims process is complicated, with archaic billing systems and processes that lead to high reconciliation costs, ambiguity in loss conditions, and settlement delays creating high expense ratios for insurers. Blockchain is the ideal solution for the insurance industry to address the end-to-end issues facing insurers. Distributed ledger and blockchain technology enable the entire insurance ecosystem to streamline operations and lower expense ratios from back-office operations. Learn more about the benefits of blockchain for insurance and the most common use cases. Download Corda Enterprise and start your free trial today.

Why Corda?

 

Corda’s design enables a network of insurers, brokers, cedants, and reinsurers to interact securely and near-instantaneously

 

Only Corda allows seamless transfer of assets across the value chain

 

Frees up capital and resources spent on auditing and administrative costs

 

Placed insurance contracts have legal validity and can be used for claims adjudication when implemented on Corda

Testimonials

Corda Enterprise provides the resilience and interoperability to enable the B3i Fluidity Platform vision, providing a common Risk Transfer Language and protocol. This enables a rich ecosystem of interoperating applications for a DLT native insurance industry.

Alessandro Spadoni

Chief Architect, B3i

We started off on Ethereum. We ended up having to build a complex framework to solve the privacy issue and a lot had to be done off chain. We assessed various other platforms and none of them got the privacy and security issues right for enterprise blockchain. Corda addressed all of these and is the ideal fit for insurance industry.

David Edwards

Founder and CEO, ChainThat

There are very few what we consider true enterprise blockchain platforms in the market and Corda is the prominent one for the insurance industry.

Chris McDaniel

President, The Institutes RiskStream™ Collaborative

Featured CorDapps

B3i

Creating a better insurance industry by developing standards, protocols, and network infrastructure to remove friction in risk transfer, giving end consumers of insurance better and faster access to insurance.

RiskBlock

A group of insurance companies collaborating to unlock the potential of blockchain in insurance by building applications on Corda Enterprise

ChainThat

CorDapp boosting the speed and efficiency of the contract placement process

Success Stories

B3i

Powered by Corda Enterprise, B3i’s Fluidity platform delivers a new infrastructure that eliminates reconciliation pain points in treaties and accounting, boosting transparency and bringing complete contract certainty. Fluidity currently hosts ‘B3i Reinsurance’, the first live reinsurance blockchain application.

Ledgertech-Bharti AXA

Ledgertech leveraged R3’s Corda Enterprise platform to develop an insurance solution to handle the entire underwriting and claims process end-to-end. Bharti AXA is putting the blockchain application to work across the company’s motor claims business.

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