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.
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.
Chief Architect, B3i
Founder and CEO, ChainThat
President, The Institutes RiskStream™ Collaborative
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 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.