Quartz for Insurance Repository
Connecting insurers, policy holders, agents, and banks in a DLT-based ecosystem
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Connecting insurers, policy holders, agents, and banks in a DLT-based ecosystem
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Achieve a digitalized, consolidated view of all insurance policies
Abstract
The Quartz for Insurance Repository solution is designed to strengthen the hands of regulators and policymakers who want to radically transform how insurance policies are issued and serviced across their life cycle. It attempts to meet the twin objectives of delivering a vastly superior customer experience for the policyholder while providing a compelling value proposition to insurers and other stakeholders with its ability to provide instantaneous data, seamless access, and elimination of fraud through digitalization of policies.
Challenge
The insurance sector is witnessing significant growth – both in terms of new products launched each year by insurers globally, as well as the continuous growth in the number of policies that need to be serviced. However, most policies are still paper-based and in many cases, policyholders are required to visit the insurer/agent to get their policies serviced. Further, during natural calamities, family members of the deceased are put through a lot of hardships to get their claims processed. In some cases, tracing policyholders itself becomes an arduous task for Insurers as the contact details may get outdated. Regulators suffer from lack of a trusted system to proactively monitor delays in claim settlements.
Solution
Quartz Smart Solution for Insurance Repository establishes a private permissioned blockchain ecosystem comprising insurers, agents, regulators and policy holders. The solution creates and maintains e-Insurance accounts for policy holders, which can hold all insurance policies across different insurance lines of business, in digital form on the blockchain. This enables policyholders to not only view all their policy related information such as premium payments, claim processing status etc. in one place but also ensures that the policy information is immutable and tamper-proof. Policyholders can perform a host of functions including placing requests for claims, surrender, partial withdrawal etc.
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 digitalization and policy holders are protected. The solution enables Insurers to obtain a cross-sectional view of the policyholder’s risk profile computed using data across all their policies
Benefits