Today Mosaic Insurance and DXC (formerly Hewlett Packard Enterprise) announced the launch of a new insurance technology solution that uses blockchain. Mosaic, which operates Lloyd’s Syndicate 1609, will use the platform to underwrite specialty insurance risks.
The solution enables participants to share data using blockchain instantly. That includes between brokers, syndicated capital partners, reinsurers and regulators. It also uses machine learning and AI to help with underwriting, cut costs, and streamline processes.
“Legacy-free technology is fundamental to Mosaic’s model,” said Mitch Blaser, Mosaic’s Co-Founder and Co-CEO. “Overall, this allows for better decision-making and lower expense ratios.”
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