In 2017, Blocksure built a proof of concept (PoC) platform to demonstrate how the various parties in the insurance industry value chain can use blockchain technology to better integrate and collaborate.
In 2017, Blocksure built a proof of concept (PoC) platform to demonstrate how the various parties in the insurance industry value chain can use blockchain technology to better integrate and collaborate. There are many desirable attributes provided by a distributed ledger, the one Blocksure have decided to focus on initially is distributed consensus. The platform is called the Blocksure OS (Operating System).
Smart Contract platforms such as Corda allow for multiple parties to participate in a complex system while at all times keeping an identical view of the data and software. Brokers and insurers often struggle to operate together with a high-touch way of doing business requiring constant reconciliation e.g. bordereau and transfer of value taking up to three months. We have proved DLT technology can overcome these issues and provide great benefits including speed. security, durability, integrity and cost savings.
Components of the Blocksure OS PoC
- SureLink: This is an application that enables participants to see aggregated policy, claims information and MI drilldowns to see per-policy information from Blocksure OS. All of this is updated in real time as the data evolves. The insurer can also define and update the terms and conditions associated with their policies here in real time. No more reliance on a central point.
- Smart Policy: Insurers can define the TOBA for each product, including templates for policy documents that get populated directly from the ledger; this is called a ‘smart policy’. This allows a human reader to be able to view the insurance data directly from the blockchain and gives the insurer the power to easily and efficiently make changes.
- Blocksure API: An Application Programming Interface to allow developers to write web applications or back end systems that talk to the Blocksure platform and utilise its features without having to interface directly with the individual components of the stack.
- Blocksure Contracts: There are also a number of smart contracts concerned with discovery, access control, administration, maintenance and deployment that tie the whole system together.
The Blocksure OS Technology stack
- Corda: Corda DLT technology allows us and the participants of our platform to not just view the data on our servers but to actively take part in running it as well. If Blocksure had an outage, a broker and insurer will still be able to transact business as it also runs under their control.
- Smart Contracts: We deploy smart contracts via a permission Corda network to allow participants to define and share customer identities, policies and claims information.
- Docker: Allows us to package each component independently into its own container and will make deployments for customers simple and flexible.
- Kubernetes: Is a container orchestration tool that we have used to automate the deployment, scaling and management of the Blocksure OS. It can be used to quickly deploy Blocksure OS to public or private clouds alike.
- Sharing Economy Demo App: To demonstrate customer interaction, we have developed a mobile web application to show how a customer can interact with Blocksure OS, such as buy policies and make claims. The software runs entirely on the customer device, so as long as they can connect to one of the Blocksure OS nodes they will be able to interact with all features of the system.
- Integrated Rating Engine: Allows insurers to integrate existing or new product rating engines.
Updates since developing the PoC
- Blocksure OS is now production ready and live with a major UK commercial broker
- The platform provides full cycle capabilities for all sales, policy administration and key claims processes
- With a number of projects in the pipeline, Blocksure OS is well on its way to changing the way intermediated insurance is bought and sold.
For more information on how Blocksure OS could benefit your business, please contact us.