Leading Indian Life Insurers Partner with Cognizant to Develop Industry-Wide Blockchain Solution for Secure Data-Sharing and Improved Customer Experience
The solution, developed late last year as part of a collaborative blockchain program undertaken by the consortium, is among the consortium's first distributed ledger initiatives. Built on Corda, a distributed ledger platform developed by R3 and hosted on Microsoft's Azure infrastructure, the solution will help these insurers reduce their reliance on data intermediaries and aggregators in obtaining customer and policy details for a wide range of critical purposes, such as know-your-customer due diligence, financial and medical underwriting, risk assessment, fraud detection, and regulatory compliance.
In addition to ensuring real-time availability, transparency and consistency of records that can be audited at any time with easy traceability, storing data on blockchain will enable participating insurers to reduce operating costs, avoid duplication of procedures, and streamline approvals.
"Blockchain has the potential to catalyze a significant shift in the insurance industry's underlying technology and business models," said Anand Pejawar, President — Operations, IT & International Business, SBI Life. "With its model of immutable and decentralized data, and its ability to prevent tampered documents and false billings from falling through the cracks, blockchain can enable insurance providers to introduce new models, reinvent processes, and increase capacity. We are pleased to be a part of this path-breaking consortium of Indian life insurers and collaborate with Cognizant on driving distributed ledger innovations of tomorrow."
"By transforming how insurance companies operate and interact with stakeholders across the value chain, blockchain can rewrite the rules of competition in the insurance industry," said V. Viswanand, Chief Operating Officer,
"As a shared source of truth, blockchain opens numerous possibilities for insurers to collaborate more effectively and transparently, make better informed decisions, and create greater trust and accountability, while disintermediating data aggregators," said
About Cognizant
Cognizant (Nasdaq-100: CTSH) is one of the world's leading professional services companies, transforming clients' business, operating and technology models for the digital era. Our unique industry-based, consultative approach helps clients envision, build and run more innovative and efficient businesses. Headquartered in the
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