Blocksure Goes Live with Covéa Insurance and Commercial & General
PartnerCommercial and General
In Action Summary
Blocksure is a London-based startup which has developed a blockchain based admin system that can work alongside or replace insurers’ legacy systems and displaces the manual efforts involved in cash reconciliation, credit control and claim submittal for insurers, reinsurers, TPAs, repair networks and end users.
The platform’s API allows integration with third-party services such as legacy processing systems, rating engines and analytics software. Customers can get quotes, buy policies and make claims anywhere anytime.
Blocksure notifies all insurance parties in realtime so that insurers, re-insurers, TPA’s, repair networks and end users.
Ranvir Saggu, CEO of Blocksure has encapsulated Blocksure’s philosophy: “Most insurance systems are designed for the industry with little thought for the consumer. This side is left to the distribution to build applications that meet their needs. Blocksure OS is focused on the needs of insured customers whilst delivering for the needs of the industry.”
Although providing enterprise software to insurers is a competitive space, Blocksure’s offering represents a genuinely new frontier – delivering a 30% reduction to administration costs that relate to claim file generation and automated notification of loss, whilst also improving transaction speeds. However, blockchain is still in its infancy and Blocksure will need to achieve a significant base of insurers before they will be broadly accepted as a new standard.