Insurance on R3 Corda — Why is it important?
September 30, 2018
Insurance on Corda, coming to Asia in October
R3’s insurance team is coming to Asia October 15–30th. Join us to learn why Corda is the leading blockchain platform for insurance.
Despite the insurance industry’s image of being a conservative sector, insurers have consistently innovated and developed new products that offer protection against various emerging risks; though the supporting technologies and infrastructure have remained antiquated and unfit for purpose in spite of “digital” interventions.
Well, that’s until now. Corda allows insurers, reinsurers and brokers to share and store policy information, in a cryptographically secure way. Corda provides a solution to drive efficiency and security; allowing private data to be shared in a secure matter, connecting disparate parties via a shared platform environment. While this premise may appear simple at first glance, the insurance industry has specific requirements in relation to privacy and security that only Corda can fulfill.
Legacy systems combined with patchwork solutions have perpetuated a closed-off insurance information environment with data silos and resulting operational inefficiencies. Adoption of Corda in the Insurance industry as the shared operation model can improve collaboration between market participants and streamline market operations — freeing capital otherwise spent on auditing and administrative costs.
For example, if a blockchain has the appropriate data privacy architecture in place, each insurance firm participant in the insurance supply chain can maintain the same amount of control over their data as today, but with more flexibility. Unlike the traditional permission-less blockchain platforms — in which all data is shared with all parties — Corda shares information with those who have a “need to know,” ensuring the confidentiality of trades and agreements while also capturing the benefits of a shared distributed ledger infrastructure.
The collaboration between these disparate parties and the migration of large insurance consortiums such as B3i, RiskBlock and InsureWave to Corda has firmly established Corda as the Blockchain platform of choice for insurers. Corda allows for the coordination of multiples parties; consumers, brokers, insurers and reinsurers, to bring their polices into an in-sync record of truth where information is not be lost or misinterpreted, ultimately reducing settlement times.
If you’re interested in learning more, R3’s insurance team will be in APAC October 15–30th. Please reach out to firstname.lastname@example.org to set-up a meeting.
Seoul KR: 16–17 Oct
Tokyo JP: 18–19 Oct
HK and Taipei : 22–24 Oct
Mumbai: 25 Oct
Bangalore: 26 Oct
Or visit us at:
Lotte Hotel Seoul, South Korea: October 17th
Harbour Grand Hong Kong, Hong Kong: October 22–23rd