Leading global software solutions provider, Cognizant and a consortium of Indian life insurers have announced that they have developed a blockchain solution aimed at increasing efficiency through facilitating cross-company data sharing. Thus reducing risks of data breaches, fraud and money laundering while delivering superior customer experience through robust record keeping and accelerated turnaround time.
The solution developed late last year was a part of collaborative blockchain initiative taken by the consortium of Indian insurers. The platform is built on Corda, a DLT platform developed by R3 and is hosted on Microsoft Azure infrastructure. The platform will reduce dependency on third-party data intermediaries and aggregators for obtaining consumer profiles and policy details such as KYC due diligence, financial and medical underwriting, risk assessment, fraud detection and regulatory compliance.
In addition to real-time access, transparency and consistency of data, the platform will enable Indian insurers to cut a significant part of their expenses on data processing by up to 15-25 percent.
Anand Pejawar, President, Operations, IT & International Business, SBI Life said: “Blockchain has the potential to catalyze a significant shift in the insurance industry’s underlying technology and business models. With its model of immutable and decentralized data, and its ability to prevent tampered documents and false billings from falling through the cracks, blockchain can enable insurance providers to introduce new models, reinvent processes, and increase capacity. We are pleased to be a part of this path-breaking consortium of Indian life insurers and collaborate with Cognizant on driving distributed ledger innovations of tomorrow.”
Arun Baid, Global Delivery Head for Insurance at Cognizant said: “As a shared source of truth, blockchain opens numerous possibilities for insurers to collaborate more effectively and transparently, make better-informed decisions, and create greater trust and accountability, while disintermediating data aggregators,” said Arun Baid, Global Delivery Head for Insurance, Cognizant. “Our comprehensive blockchain and domain capabilities built over the years have made us a trusted advisor for insurance companies to realize distributed ledger’s full potential. We are proud to be a part of the consortium’s vision to create a more secure, streamlined ecosystem that can accommodate disruptive business models of tomorrow.”
Consortium of Indian insurers include: SBI Life Insurance, Max Life Insurance, Canara HSBC OBC Life Insurance, Edelweiss Tokio Life, IDBI Federal Life Insurance, Birla Sun Life Insurance, HDFC Life, Kotak Life, Tata AIA Life, PNB MetLife, IndiaFirst Life Insurance, ICICI Prudential Life Insurance, Bharti AXA, Aegon Life, and SUD (Star Union Dai-ichi) Life Insurance.
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