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.”
Mosaic was founded in February 2021, focusing on specialty risk that will initially include M & M&A, political risk, terrorism, environmental, professional indemnity, financial institutions, and cyber.
“The platform enables a seamless interaction with broker partners for electronic placements, algorithms for risk selection, triaging, pricing, and claims settlement across our highly-specialized lines,” said Mosaic’s COO Krishnan Ethirajan.
Elsewhere in the insurance sector, blockchain and digital assets continue to attract interest. Allianz recently launched a blockchain claims solution for auto accident claims in 23 European countries.
Earlier this year, Liberty Mutual joined two big life insurers MassMutual and New York Life in backing NYDIG, the Bitcoin fund manager. Liberty Mutual is also a member of one of the two big blockchain insurance consortia, the Riskstream Collaborative.