In 2018, Blocksure's platform went live with Covea Insurance and Commercial and General.
Blocksure launched a new blockchain platform for the insurance industry in summer 2018. The first product is underwritten by insurance group Covéa Insurance and in partnership with broker Commercial and General.
Blocksure OS is the first British blockchain platform for mainstream insurance to go live with an insurer and broker.
The platform has been through rigorous UAT testing to ensure functional and commercial viability and the first product was officially launched on 30th July 2018.
The platform will be applicable to all lines of business in general insurance and some life and health segments.
Tim Grant, Head of Business Transformation and Innovation, Commercial and High Net Worth at Covéa Insurance:
It is a fantastic opportunity to be involved with a broker who is adopting this new technology and we will be involved on a solution by solution basis. We are very supportive of the proposition and interested to see how this technology develops. It is a great opportunity for Covéa Insurance.
How does it work?
The platform has been designed for easy implementation and can work alongside or replace current legacy systems.
Each party has their own fully traceable and trusted record of their side to a transaction. It removes the need for bordereaux, cash reconciliation, areas of credit control and customer claims triage, e.g. first notification of loss.
A payment platform is included that automates client money processing and provides improved certainty around premium handling.
It is connected and real-time. Customers, intermediaries and insurers are all automatically in sync with instant data changes and updates.
It is optimised for mobile use. Customers can get quotes, buy policies and make claims in one place. Records are available to each party within seconds, rather than months.
The platform becomes the trusted record for all insurance sales, purchase ledgers and cash settlements. It can fully replace existing policy administration systems and has much more functionality.
Blocksure OS is a microservice architecture with the Corda DLT platform at its core. The platform’s APIs allow integration with any third-party service such as rating engines, AI, analytics software and even legacy processing systems.
Benefits to the insurance industry
• Up to 90% reduction in back office costs
• Transaction speeds of seconds rather than months
• Vastly superior data quality and governance
• Full accountability of all transaction events
Bradley Brandon-Cross, Director, Commercial and General:
Blocksure OS has cost and efficiency benefits but that is not the key attraction. It allows Commercial and General to think innovatively about how we develop customers’ products. We can look at segments that were under served in the past as well as how conventional products are constructed. Customers want to be able to purchase a policy with minimum fuss and at the right price with an easy to use claims reporting process. Ultimately we can pass savings in time and cost onto our customers.
Peter Temperley, Director of Operations, Blocksure:
For the first time in my three decades in the insurance industry, a technology solution has real potential to give equal business benefit to everyone in the insurance ecosystem.
Ranvir Saggu, CEO, Blocksure:
Most insurance systems are designed for the industry with little thought for the consumer. This side is left to the distribution to build applications that meet their needs. Blocksure OS is focussed on the needs of insured customers whilst delivering for the needs of the industry.
Blocksure OS will enable the insurance industry to catch up with the rest of the digital world.
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