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 to address the end-to-end issues facing insurers. Distributed ledger technology can enable the entire insurance ecosystem to streamline operations and lower expense ratios from back-office operations.
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
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.
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.
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.
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.
Business Development, Guardtime
An insurance consortium founded by Allianz, Aego and Swiss Re, and supported by AIG and AIA to advance a prototype reinsurance blockchain and a smart contracts system
A group of insurance companies collaborating to unlock the potential of blockchain in insurance by building applications on Corda Enterprise
Ernst & Young and GuardTime developed a Corda-based application that links all the participants and tracks vessels for marine hull insurance
CorDapp boosting the speed and efficiency of the contract placement process
Guardtime’s Jamie Steiner overviews Insurwave which is built on Corda. He also touches on why he likes working with R3.Watch
Markus Tradt from B3i discusses how Corda can change the insurance industry and why B3i likes to work with R3.Watch
Josh Wilson and Steffan Ianigro from Grow Super discuss their partnership with R3 and how they use Corda.Watch
David Edwards, CEO and founder of ChainThat discusses why he chose Corda and why R3 is the best fit.Watch