Private cloud “big data” platform combines information sources (traditional, social media, market etc) to enable secure data storage and advanced/predictive analytics to support core P&C, health and life insurance processes and customer/policy life cycle.
Customer interface via digital app enable product selection and comparison, applications process, claims handling and all notifications from traditional insurance channel plus service providers and other “trusted parties”.
Smart Contracts are used to enable efficient and low cost automated underwriting and claim handling.
Blockchain enabled ledger technology support creation, storage and consensus on core pieces of information relevant to “trusted nodes” on the blockchain.
Only transaction relevant data is stored and customer identifying or confidential data is masked depending on access rights and regulatory constraints.