For the past few years, blockchain technology has been an exciting alternative to traditional transaction methods.
Coforge has been recognized as one of the top global IT solutions companies for its blockchain-powered solutions for various industries, including insurance.
While blockchain found its roots in the banking domain, it is now a widely discussed and distributed ledger technology in the insurance space as well. From product innovation to effective fraud detection to reduced operational costs, blockchain has now penetrated deeply in addressing the key challenges plaguing the insurance industry today. Given that implementing blockchain is a long-term engagement that requires consistent collaboration between market participants and technology leaders, it becomes essential to carefully assess the technology implications and define network and regulatory conditions. Seeing its longtail benefits, insurers have already started investing time and resources in blockchain.
Disruption in Insurance due to Blockchain
Blockchain holds the promise of transactional transparency, creating secure and real-time communication networks with partners worldwide. It addresses the fundamental challenge of managing and tracking the distributed digital transactions of the problem scenario, as they are highly secure and handle high-speed transactions. Blockchain technology provides significant benefits to the consortium and all its participants, including the customers:
- Supports everything from premium collection to claim payment, including real insurance data sharing
- Eliminate massive amounts of record-keeping, hence save money and streamline operations for various areas within insurance operations.
- Provides a well-structured mechanism of managing and maintaining transactions and relevant public distributed ledgers while minimizing operational costs from third parties.
- Help customer retention by optimizing processes.
Blockchain in Insurance Value Chain
Blockchain platform unlocks the digital transformation of insurance use cases and provides security-rich data sharing, dynamic applications, and decentralized identity in the insurance value chain. Blockchain entities can share a cryptographic ledger, comprising a digital log of transactions, across a public or a private network. In doing so, blockchain effectively addresses the critical aspects of digital transformation programs: identity, security, and trust. The platform enables organizations to enhance application modernization to automate business processes, launch new digital products, and monetize vital digital assets.
The Blockchain studio of the Digital Foundry provides resources required to rapidly build and deploy Fabric and Ethereum. Our assets simplify the formation, management, and governance of Blockchain networks. Coforge’s Blockchain studio uses distributed ledger technology, which offers multiple benefits and opportunities to businesses that:
• Require a high potency of trust for business transactions.
• Need to build and maintain an infrastructure that delivers capabilities at lower expenses than traditional centralized models.