Insurance consulting, technology and data sciences provider Xceedance has made a multi-million dollar equity investment in a re/insurance blockchain specialist start-up, ChainThat.
As a pioneering InsurTech startup in blockchain and distributed ledger technologies, the ChainThat team provides secure online transactional services tailored for re/insurance processes and develops products for the commercial, specialty, and reinsurance markets.
Arun Balakrishnan, chief executive officer at Xceedance, said; “this is a strategic alliance of two progressive companies that believe specialised services and new technologies can transform the re/insurance industry.
“Our scale will help to accelerate the growth of ChainThat, and our clients will benefit from the blockchain, distributed ledger technology and smart contract expertise of our partnership.
“The deep industry knowledge and technology credentials of ChainThat complement our own. Our investment in the power and potential of ChainThat is an advantageous step in the expansion of both companies.”
Using a proprietary insurance blockchain framework (CT-IBF), ChainThat supports re/insurance contract management and transactional processes in key areas of the insurance lifecycle including claims, accounting and settlement, billing and collections, and credit control.
The ChainThat framework includes integrated business intelligence and reporting for real-time management and operational information.
The partnership aims to catalyse the adoption of blockchain within re/insurance by developing and applying decentralised technology, data/analytics, and industry-expert services to the business practices and policyholder services of a wide range of insurance organisations.
In addition to the investment by Xceedance, ChainThat will benefit from access to Xceedance’s global resources, including insurance-expert business and technology consultants, IT professionals, and business development and support services.
“We are thrilled with the strategic investment from Xceedance to help scale our company,” said David Edwards, ChainThat founder and Chief Executive Officer; “key to this investment stage was finding the right partner with industry knowledge and a passion for the future of re/insurance collaboration.
“With the support of Xceedance we can now focus on enhancing products to enrich a wide range of customer-centric applications.
“Together with Xceedance, we look forward to delivering the transformative benefits of practically deployable, decentralised blockchain technology in the insurance ecosystem.”