Cognizant Corporation has teamed up with 14 Indian insurance companies to develop solutions based on the blockchain for data sharing.
Multinational IT Corporation on Monday said that the platform will allow companies to exchange information securely with less risk of leakage and fraud, while providing greater efficiency, quality record keeping and faster transfer of information than by using traditional methods.
The solution based on the platform of the distributed registry Corda R3 and Microsoft Azure and has been developed in the past year through the combined efforts and Cognizant of the consortium of insurance companies such as SBI Life, ICICI Prudential Life, Max Life Insurance, HDFC Life and Kotak Life.
Pawar Anand (Anand Pejawar), chief operating officer at SBI Life, said that decentralized and immutable nature of the blockchain, which allows you to deal with the falsification of documents and invoices, opens the possibility of introducing new models in the work of insurers. Pawar said:
«The blockchain can lead to significant changes in the underlying technology and business models of the insurance industry».
The statement also notes that by storing data in the blockchain, insurers can reduce operating expenses and eliminate duplication of processes. The Beida Arun (Arun Baid), head of insurance services at Cognizant, said:
«As a General source of verified data, the blockchain opens up many opportunities for insurers in the field more efficient and transparent cooperation, and allows you to make better decisions and increase confidence, while eliminating the chain of intermediaries such as aggregators of data.»