Specialist blockchain solutions company ChainThat is taking steps to improve blockchain and DLT technologies’ integration potential in the insurance and re/insurance industry by announcing today a strategic partnership with Send Technology, a specialist integration and ACORD certified gateway provider.
An improved potential for transition to blockchain-based solutions, as well as effective integration into existing internal systems, has long been a significant hurdle faced by insurers and re/insurers.
ChainThat’s solution to these issues has been to incorporate the Send Technology Riskwire Platform – which provides an ACORD certified gateway and data pipeline transformational technologies – into its Insurance Blockchain Framework, allowing for a controlled and stepped integration to existing insurance systems. Essentially providing companies with a realistic platform for adoption of blockchain technologies.
One major incentive for insurance and re/insurance companies to adopt such technologies is the potential to drastically reduce operating costs. Current global estimates stand at approximately $200 billion each year, a figure which ChainThat says could be lowered by between 10-25% (or, $20-50bn) with the application of blockchain. Lowering existing barriers is seen as the key challenge if the re/insurance industry is to realise these savings.
Chief Executive Officer (CEO) of ChainThat, David Edwards, commented “While there are many traditional integration solutions available on the market, we needed a solution that has flexibility in mind to be able to adapt to the varying demands of each individual insurer’s internal system integration needs. We have seen how Send Technology has successfully taken a modern-day approach to its design and scalability while providing a powerful data transformation and integration layer. This partnership allows us to create the first truly practical way of integrating and transitioning to blockchain in insurance markets.”
Ben Huckel, CEO at Send Technology, added, “A key aspect to delivering cost-effective, innovative solutions in the commercial re/insurance market is partnering with the right company with the right technology. The Riskwire Platform was built to facilitate simple and rapid system integration via messaging or API and integration with ChainThat’s Insurance Blockchain Framework will create an exceptional and compelling offering.”
“The partnership between the two companies will allow ChainThat and Send Technology to be uniquely positioned to drive the adoption of ACORD-enabled blockchain solutions. Enterprises will be able to utilise industry standard ACOR”
