Indian consortium to develop data-sharing blockchain

April 18 2018 by InsuranceAsia News Staff

A consortium of Indian life insurance companies has partnered with IT services firm Cognizant Technology Solutions to develop a blockchain for sharing data across companies.

In a joint statement, the insurers said the blockchain will help them reduce their reliance on data intermediaries and aggregators for obtaining customer and policy details, while also facilitating the sharing of data between firms.

The technology also aims to reduce the risk of data breaches, fraud and money laundering.

For insurance customers, the blockchain aims to deliver better performance through improved process efficiency and record-keeping, as well as accelerated turnaround time.

The insurers’ consortium includes SBI Life Insurance, Max Life Insurance, Canara HSBC OBC Life Insurance, Edelweiss Tokio Life and IDBI Federal Life Insurance.