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Insurance

Blockchain for the insurance industry: 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 can 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.

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

As we move closer to production, Corda Enterprise provides the participants on our insurance network ecosystem with the robust features needed to run securely in corporate IT environments.

Markus Tradt

Chief Technology Officer, 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

For a business transaction only the people who are involved in that transaction get to say it’s right or it’s wrong. Corda really abstracts the validation of business logic away from the idea that it’s committed into the blockchain. That’s the separation of the contract versus the notary and that model is what we needed to solve the privacy requirement.

Jamie Steiner

Business Development, Guardtime

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

InsurWave

Ernst & Young and GuardTime developed a Corda-based application that links all the participants and tracks vessels for marine hull insurance

ChainThat

CorDapp boosting the speed and efficiency of the contract placement process

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