Global IT services company Cognizant has developed a blockchain solution to facilitate cross-company data-sharing with a consortium of Indian life insurers.
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The consortium of Indian life insurers includes SBI Life Insurance, Max Life Insurance, Canara HSBC OBC Life Insurance, Edelweiss Tokio Life, IDBI Federal Life Insurance, Birla Sun Life Insurance, HDFC Life, Kotak Life, Tata AIA Life, PNB MetLife, IndiaFirst Life Insurance, ICICI Prudential Life Insurance, Bharti AXA, Aegon Life, and SUD (Star Union Dai-ichi) Life Insurance.
The blockchain solution will enable the insurers to reduce the risk of data breaches, fraud and money-laundering, while delivering better experience to customers through improved process efficiency, better record-keeping, and accelerated turnaround time. The solution is among the consortium’s first distributed ledger initiatives — built on Corda.
Cognizant said the technology outsourcing company hosted the distributed ledger platform on Microsoft’s Azure infrastructure assisting insurers to reduce their reliance on data intermediaries and aggregators in obtaining customer and policy details for a range of critical purposes.
“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 Arun Baid, global delivery head for Insurance, Cognizant.
