Polish insurance firm Link4 has partnered with a regtech agency Coinfirm to streamline doc correspondence and storage with a blockchain-based system.
Referred to as Trudatum, the blockchain-enabled software developed by Coinfirm reportedly permits the agency to switch and retailer digital paperwork and guarantee their immutability. For Link4’s prospects particularly, it signifies that their insurance coverage papers could possibly be accessed and verified on-line, thereby lowering the general quantity of paperwork for the corporate.
Link4 considers itself the chief of the direct insurance coverage market in Poland. Launched in 2003, the corporate was allegedly the primary on the native market to promote motor insurance coverage completely through cellphone and Web
Blockchain is one other technological step for the corporate commented Agnieszka Wrońska, president of the Link4 Board:
“For a very long time, we have been specializing in trendy and safe options, and this undoubtedly matches with blockchain, which ensures the everlasting saving of paperwork with out the potential for enhancing them. It’s a profit for our shoppers who will all the time discover paperwork such because the product card or common insurance coverage situations in the identical place, in unchanged kind.”
The blockchain-powered answer has reportedly been authorized by the Workplace of Competitors and Client Safety, an area watchdog.
Different use instances within the insurance coverage business
Different insurance coverage firms worldwide have been making use of blockchain know-how to numerous points of their operations.
Earlier this 12 months, Cointelegraph reported that insurance coverage companies in China have been using blockchain to handle coronavirus-related claims amid the outbreak. This was enabled by Xiang Hu Bao, a blockchain-based collective claim-sharing platform that reportedly counts round 104 million customers.
Furthermore, in December 2019, Anthem — the second-largest medical health insurance firm in the USA — announced plans to make use of blockchain to safe the info of its 40 million members over the following three years.
