Managing multinational insurance policies

Challenge

• Managing a multinational insurance policy requires many stakeholders from the insurer and the client, across different geographies and regulatory jurisdictions, to come to agreements on a large number of data points, while still maintaining privacy for business and regulatory reasons.
• There are complex communications and workflows, and hundreds of payment transactions to be made and reconciled.
• The average time to renew a multinational policy was between 60 days; for large clients with multiple locations, it could take up to 90 days.

Solution

• DLT prototype was developed to create an automated workflow between the insurer’s and the client’s regional and head offices.
• The PoC needed to demonstrate an automated and p2p workflow, for reconciliation of data and premiums in the multinational insurance program.
• The PoC was followed by a production implementation for a large client.

Why Corda?

• Private, p2p communication and transactions.
• Easy integration with existing enterprise applications.
• Ability to automate workflow management.

Results

• Improved customer service and reduced friction.
• Increase in working capital and reduced credit risk by eliminating delays.