Indian insurers launch financial services blockchain

January 8 2018 by InsuranceAsia News Staff

At least a dozen Indian insurers have teamed up with IBM and Cateina Technologies to create the country’s first blockchain project in the financial services industry.

The insurers, including HDFC Life, India First Life, and Canara HSBC OBC, have jointly launched the blockchain project as a way to rein in costs for companies running medical tests and evaluations.

The blockchain project also aims to ensure confidentiality and security of individual data collected by insurers, and is expected to help in improving business by providing customer KYC, claims history, medical records, and agent track records while flagging fraudulent transactions.

The blockchain will also reduce inefficiencies and provide a record of information that can be accessed in a secure manner.

IndiaFirst Life Insurance CEO RM Vishakha has said that the insurance industry can leverage blockchain technology in a significant way to transform its processes.

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