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Ruschlikon – Blockchain consortium aims to speed claims processing by 30%

In Action Summary

Named after a town in Switzerland where a group of insurance practitioners first met to discuss the use of distributed ledger technology, Ruschlikon is an industry wide initiative to speed up claims processing by up to 30%.

Usage of distributed ledger technology to save time and costs 

As an evolution of the concept, a sub-set of carriers led by global reinsurer SCOR and enabled by technology from ‘ChainThat’ have successfully piloted a distributed ledger implementation focusing on automating Electronic Back Office Transactions and Electronic Claims Office Transactions through a mutual distributed ledger (MDL) which is particularly applicable for reinsurance transactions.

Industry consortium of 77 partnerships across six continents supported by Acord and ChainThat

While the above model looks interesting, it will require close integration between disparate parties which may be difficult to achieve in light of the fact that blockchain based infrastructures are still relatively untested in the market. A more plausible solution may be a broker portal with standard messaging based on blockchain capabilities that participants can opt in to if interested.

Ultimately, this initiative is seeking to accelerate the adoption of blockchain within the insurance industry, especially in the field of back office operations and claims processing. However, it’s worth noting that the success of blockchain based technologies will require both regulatory support and consumer acceptance.

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