In August last year, thirteen Indian Life insurers banded together to create a blockchain consortium. Today they announced the first solution to facilitate cross-company data sharing. The plan is to reduce data breach risks, fraud, and money laundering. They also anticipate improved customer experiences and turnaround times as a result of better efficiency and improved record keeping.
Last year talking to India’s Business Standard, Pankaj Pandey, CIO at IDBI Federal Life commented: “Considering that it’s a very small group of insurance companies here in India. It will be a challenge if more than one standard for blockchain exists. We hope other companies will also join us gradually.”
Today, V Viswanand, COO of Max Life said “The shared infrastructure provided by the distributed ledger, smart contracts and non-repudiation capabilities of blockchain can dramatically enhance the insurance value chain, and pave the way to greater automation in requesting, exchanging and entering data. ”
Article continues …
Want the full story? Pro subscribers get complete articles, exclusive industry analysis, and early access to legislative updates that keep you ahead of the competition. Join the professionals who are choosing deeper insights over surface level news.
