Insurance Repository

Industry

Solution

Highlights

Quartz for Insurance Repository eliminates paper-based policies delivering cost-efficient digitalization for insurance companies
Cross-sectional view for regulators to monitor claims settlement and compliance by insurance companies
Policy holders can hold various types of insurance policies and in the same account

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 In some cases, tracing policyholders itself becomes an arduous task for Insurers as the contact details may get outdated.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

Policyholders can store their insurance policies electronically in a dematerialized format, in a single e-Insurance account which offers a consolidated view of the policies.
Policyholders can access all their insurance policies from different insurers in one place, simplifying policy management, reducing paperwork and faster policy servicing
No risk of loss/damage of policies; the electronic form ensures that the policies are in safe custody and can be easily accessed from anywhere, anytime.
Digitalization of policies enhances ESG image of insurers – they can pass on the cost benefits to their customers
Immutable data on DLT allows effective monitoring of claim settlements and allows regulators to take proactive action when needed
Smart Contracts to automate business processes such as for automatic computation of policyholder risk, auto generation of premium payment instructions and auto creation of policyholder e-Insurance.
Easy integration with insurers and agents via simple REST APIs using Quartz Gateway
Monitoring & Administration of the ecosystem using Quartz Command Center

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Find the latest news about TCS in our Newsroom

Recent Press releases

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Recent recognitions

Upcoming events

TCS works hand in hand with world-leading investors.

Global knowledge. Local support

Quartz for Insurance Repository

Industry

Solution

Highlights

Transformation starts here

Where adaptability meets advantage

With you for the long run

Our Thought Leadership Institute

Want to be a global change-maker? Join our team.

Find the latest news about TCS in our Newsroom

Recent Press releases

Recent News

Recent recognitions

Upcoming events

TCS works hand in hand with world-leading investors.

Global knowledge. Local support

Industry

Solution

Highlights

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Transformation starts here

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