Beyond Multinational Programs (BMNP) platform

Challenge

• Commercial and specialty insurance contracts, and the resulting financial transactions between counterparties, are both complex and costly to administer
• Communication between parties is manual and remains largely paper based, which results in risk and delays
• Operating inefficiencies cost the insurance sector and its clients billions of dollars annually
• Heightened reinsurance risk resulting from third-party intermediaries
• Delays in placing multinational insurance programs
• Impediments to business growth due to cost scaling with volume

Solution

• ChainThat focuses on technical accounting, enabling more efficient B2B communication by providing an immutable single source of truth that all the parties can view
• ChainThat’s Beyond Multinational Programs (BMNP) platform provides automation, accuracy, and operational efficiency to overcome complex processes, significantly reducing costs and time while improving accuracy
• By streamlining data exchange, the platform enhances data quality and reduces errors

Why Corda?

• Chosen for its unique P2P architecture, transparency, security and privacy model, as well as it being an established enterprise platform for complex multi-party business processes.

Results

• Eliminates multi-party operational inefficiencies significantly reducing capital expenditure and time
• Corda’s Flow framework enables automation of internal processes
• Brings transparency across participants to reduce risk exposure