9 Jun, 2021

PolicyBazaar To Introduce Blockchain Technology in Insurance Industry

PolicyBazaar, an Indian insurance company announced that it was tying up with  Accrivis Network, which is a data integration platform provider, to integrate blockchain to ensure ‘customer centricity through data security and application integration’ on Thursday.

According to a report published by The Tech Panda, the company is looking to integrate blockchain in an effort to reduce data tampering and to ensure payments shared are done so in a timely manner. With the help of this technology, the company seeks to keep a close watch on executive frauds, which has affected the insurance industry in the past. The report further claimed, that presently, the Indian insurance industry has lost US$6.25 billion or nearly 10% of its revenue on grounds of various frauds, of which, 86% are attributed to the life insurance sector.

Speaking about the development, Ashish Gupta, Chief Technology Officer, (CTO) Policybazaar.com  said, “We are a technology driven entity and are always keen on integrating emerging technologies that simplify the process of selling and buying insurance in a secured manner. In addition to allaying security issues of consumers using online channels, blockchain will be used by Policybazaar.com to address consumer queries and complaints in a time-bound manner.”

He added that the customer redressal system takes time to get things running as there are different forms of IT systems used by different stakeholders. Gupta said, “This leads to a lot of back and forth while resolving operational issues and the reconciliation takes a lot of time and effort, causing inconvenience to our consumers. Hence, integrating of blockchain technology is in sync with our mission of keeping consumer interest above all.”

Interestingly, this is not the first time PolicyBazaar made this announcement. Earlier in July, the company said it was exploring use-cases of blockchain technology which can be implemented in the business operation and one such was Trustless P2P Transactions.

We reached out to Jignesh Vasani, the CEO of Accrivis Network Private Limited for some clarifications on how blockchain could adopted in absence of native tokens. We will update the article, once he responds.