Private blockchain with trusted nodes ensures data privacy compliance whilst building an incorruptible ledger of a customer’s complete insurance history. This improves P2P collaboration, lessens the need for 3rd party intermediaries and provides transparency to relevant stakeholders.
Blockchain events based on predefined parameters or thresholds trigger the use of smart contracts, which cannot be altered and are inscribed within the blockchain. These can be leveraged in cases such as application approvals, claims processing/payments and fraud detection.
Application of blockchain and smart contracts in the cloud enables collaboration of all involved stakeholders safely and securely and underpins outsource service provision as a key component of the target operating model for the transformed business
Data lakes comprising a mix of private and multi-source/publicly available information enable best in class predictive analytics and machine learning to improve time to market, processing speed, accuracy and price/performance of insurance offerings tailored to individual customer preferences.