Managing multinational insurance policies

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