London-based firm, Blocksure, has launched a new blockchain insurance industry platform that it says will cut back-office costs by up to half.
Blocksure OS is a microservice architecture with R3’s Corda platform at its core. The platform’s APIs allow integration with any third-party service such as rating engines, AI, analytics software and legacy processing systems.
It will be applicable to all lines of business in general insurance and some life and health segments and can work alongside or replace current legacy systems.
The platform, underwritten by Covéa Insurance and launched in partnership with broker Commercial and General, will be available in some overseas markets late in Q4 2018.
“It is a fantastic opportunity to be involved with a broker who is adopting this new technology and we will be involved on a solution by solution basis,” commented Tim Grant, Head of Business Transformation and Innovation, Commercial and High Net Worth at Covéa Insurance.
“We are very supportive of the proposition and interested to see how this technology develops. It is a great opportunity for Covéa Insurance.”
A payment platform is included in the solution that automates client money processing and provides improved certainty around premium handling.
“Blocksure OS has cost and efficiency benefits but that is not the key attraction. It allows Commercial and General to think innovatively about how we develop customers’ products. We can look at segments that were under served in the past as well as how conventional products are constructed,” said Bradley Brandon-Cross, Director Commercial and General.
Peter Temperley, Chief Product Officer, Blocksure Limited, added, “For the first time in my three decades in the insurance industry, a technology solution has real potential to give equal business benefit to everyone in the insurance ecosystem.”
“Most insurance systems are designed for the industry with little thought for the consumer,” said Ranvir Saggu, Chief Executive Officer of Blocksure.
“This side is left to the distribution to build applications that meet their needs. Blocksure OS is focussed on the needs of insured customers whilst delivering for the needs of the industry.”