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Blockchain & DLT for Insurance

Discover how Corda is driving change in the insurance industry.

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Blockchain for the insurance ecosystem: 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 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

Privacy is baked into Corda architecturally from the ground up. The concerns in our industry about sharing data across the network in a potentially public way were addressed by Corda’s point-to-point integration and cryptography–which means anybody can perform a transaction with the confidence that sensitive information won’t be exposed to their competitors.

Alessandro Spadoni

Former 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 of 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

Success Stories

ClaimShare

ClaimShare is a flagship product from global technology vendor IntellectEU that enables insurers to identify “double-dipping” fraud. It is the world’s first solution for this problem, leveraging R3’s confidential computing platform, Conclave.

B3i

Powered by Corda, 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 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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