Insurtech Blocksure launches insurance platform with Covéa
London-based insurtech start-up Blocksure has launched a new blockchain platform for the insurance industry that it claims could cut back-office cost by half.
The first product is underwritten by insurance group Covéa Insurance in partnership with broker Commercial and General.
The platform will be applicable to all lines of business in general insurance and some life and health segments. It claims to be the first British blockchain platform for mainstream insurance to go live with an insurer and broker. It plans to be available in some overseas markets late in the fourth quarter of 2018.
According to the company statement, the platform has been designed for easy implementation and can work alongside or replace current legacy systems. The start-up claims its platform can fully replace the existing policy administration systems and remove the need for bordereaux, cash reconciliation, areas of credit control and customer claims triage, e.g. first notification of loss.
Furthermore, its payment platform automates client money processing and provides improved certainty around premium handling. The platform’s APIs (Application programming interfaces) allow integration with any third-party service such as rating engines, artificial intelligence (AI), analytics software and even legacy processing systems.
Tim Grant, head of business transformation and innovation, commercial and high net worth at Covéa Insurance, said: “It is a fantastic opportunity to be involved with a broker who is adopting this new technology and we will be involved on a solution by solution basis. We are very supportive of the proposition and interested to see how this technology develops.”
Bradley Brandon-Cross, director Commercial and General, added: "Blocksure OS has cost and efficiency benefits but that is not the key attraction. It allows Commercial and General to think innovatively about how we develop customers’ products. We can look at segments that were under served in the past as well as how conventional products are constructed. Customers want to be able to purchase a policy with minimum fuss and at the right price with an easy to use claims reporting process. Ultimately we can pass savings in time and cost onto our customers.”
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