IT specialist Mphasis launches blockchain offering for insurers

Mphasis, an IT solutions provider specializing in cloud and cognitive services, has launched a series of  blockchain-enabled solutions for insurance and financial services markets.

Wealthchain and Chainsure can be used, the company said, to enhance security, efficiency and governance through which these firms and their partners jointly create and deliver value and experiences to their customers.

Mphasis has partnered with Loyakk, a provider of blockchain-based business relationship platform, to build and deliver the solutions.

The insurance solution, Chainsure, has been designed to help insurers combine blockchain technology with enterprise capabilities to impact multiple areas of an insurance business. It includes client onboarding, underwriting, policy administration, claims administration, claims fraud management, product innovation, regulatory audit and more.

"Financial services and insurance industries deal with enormous quantities of sensitive data. Adopting blockchain solutions that will address privacy concerns, improve security measures and deliver valuable experiences to customers is vital," said Dinesh Venugopal, president, Mphasis Direct and Digital.

"Blockchain is a critical technology that all enterprises should strategically leverage; Mphasis continues to bring innovative solutions to customers from both within the organization as well as from the partner and start-up ecosystem."

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