How ChainThat and R3’s Corda Are Shaping the Future of Insurtech

In the world of insurance technology (insurtech), innovation isn’t just a buzzword—it’s a necessity for survival. Founded in 2015 by insurance technology veterans, ChainThat is driven by a clear mission: to empower insurers, brokers, MGAs, and other intermediaries to maximize their data and technology. What sets ChainThat apart? Its strategic partnerships and expertise in cutting-edge technology, particularly distributed ledger technology (DLT). 

ChainThat’s journey began with a deep understanding of the industry’s pain points, from cumbersome processes to transparency and compliance issues. Recognizing the potential of DLT, ChainThat developed intuitive SaaS-based insurance technology products to streamline operations and foster innovation. 

At the heart of ChainThat’s offerings is the Beyond Multinational Programs® (BMNP) solution, powered by Corda, R3’s enterprise DLT platform. BMNP isn’t just software; it’s a next-generation platform designed to simplify manual processes, manage data proliferation, and tackle regulatory challenges with unprecedented efficiency. 

Praveen Nagpal, CTO at ChainThat commented:

“ChainThat was one of the earliest adopters of R3’s Corda framework in the insurance market. With the BMNP solution, it brings to fruition the strategic vision of distributed ledger technology as a great enabler in writing insurance contracts across countries. The multinational programs platform provides a comprehensive insurance solution that allows insurance companies to manage cross-border exposures through a master contract and local policies, working with their partners. The cornerstone of ChainThat’s BMNP platform lies in its capability to seamlessly oversee these programs, leveraging an extensive and meticulously managed network on Corda in an increasingly interconnected world.”

Multinational insurance programs demand seamless data exchange among numerous participants, yet often suffer from limited transparency and siloed legacy systems. BMNP addresses these challenges head-on, offering transparency, efficiency, and control. 

R3’s Corda serves as the linchpin of ChainThat’s BMNP solution. Corda ensures proper ownership and control over shared data, facilitating trusted, private, and secure exchanges. Its architecture supports complex business workflows and bilateral communications, ensuring confidentiality and accuracy. 

Unlike traditional DLT platforms, Corda is purpose-built for the rigorous demands of financial services, offering unrivalled security, scalability, and speed. Its emphasis on industry standards and interoperability provides a robust foundation for improving multi-party processes. 

Richard G. Brown, CTO at R3 commented:

“The collaboration between R3 and ChainThat is a prime example of how DLT can shape financial services, including the insurtech landscape. ChainThat’s strategic utilization of DLT underscores its commitment to addressing industry pain points and its BMNP solution showcases how Corda can streamline operations and foster collaboration among insurers, brokers, and other stakeholders, marking a significant step forward in insurtech innovation.”

Through Corda’s strengths, ChainThat delivers data clarity, protection, and seamless collaboration, making BMNP not just a tool, but a necessity for insurers. The synergy between ChainThat and R3 drives tangible improvements in insurers’ operational efficiency and risk management. 

As the industry evolves, ChainThat remains at the forefront, shaping a future that is efficient, collaborative, and digitally-driven. Their recent recognition in the AXCO Global Insurance awards further underscores their commitment to innovation and excellence. 

David Vatchev, Head of Platform Sales at R3 commented:

“We proudly supported ChainThat at the Axco Global Insurance Awards, demonstrating worldwide recognition of the team’s pioneering work in shaping the insurtech landscape. Collaborations like R3 and ChainThat are vital, providing insurers with cutting-edge solutions. With global insurtech investment exceeding $4.51 billion in 2023, innovation is imperative. The growing success of ChainThat’s BMNP solution, underpinned by Corda, symbolizes this innovation and strategic investment. We look forward to seeing ChainThat’s solution continue to empower insurers for sustained growth and competitiveness in the digital age.”