Fraud, inadequate data management, and dependency on paper documentation can be reduced with a technologically-advanced blockchain-based solution. Blockchain interoperability can reduce the number of forms that consumers have to fill, while Smart Contracts with specific rules can replace the number of forms used to great extent.

Thanks to this, consumers would be required to fill up information only once, thereby minimizing errors and saving costs. Companies are replacing original paper-based forms with rule-driven smart contracts and users can analyze these and then choose the one they need. The immutability and trust characteristics of blockchain can render a better customer experience, reduce fraud and enable better risk management in the insurance industry. Distributed Ledger Technology (DLT) streamlines insurance claims processing, boosts cybersecurity protocols and even speed up payments, thereby optimizing the efficiency, security and transparency of the insurance industry. 

Quartz brings to you Smart Solutions for Insurance

Insurance Repository: The solution enables maintenance of insurance policies in digitized form and provides an ability to connect the insurers, policy holders, agents, and banks in a blockchain-based ecosystem. This ensures that the policy information is immutable and tamper proof.  Any critical information or updates on a policy is available instantaneously on the ledger to all relevant stakeholders. The risk of the physical policy documents being lost is eliminated through digitization and policy holders are protected. The solution also ensures that the same account can hold multiple insurance policies (Life/Health/Property/ and others), so as to offer a consolidated view to policyholders.

We, at Quartz, are continuously innovating and look to bring to you solutions for Insurance Repository, Facultative Re-insurance and many more. Watch this space for more updates. For a demo on Quartz, please reach out to us at tcs.quartz@tcs.com.

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