The Blockchain technology is spreading its wings as various world economies, industry biggies of multitude sectors have started to accepted and appreciated the use cases of the technology. Becoming India’s first insurtech company, the largest insurance website and comparison portal of the country, Policybazaar.com adopts blockchain solutions.
Aimed at making insurance purchase as seamless as possible, Policybazaar.com partners with Accrivis Network Pvt. Ltd., a data integration platform provider. The blockchain solution will be integrated to enhance customer centricity through data security and application integration.
It is important for the insurance platform to ensure that the data is not breached and the subsequent payments are shared in a timely manner, the blockchain adoption is a means to do so efficiently. With the blockchain integration, the insurance platform is planning to monitor and minimize the risk of frauds. The Indian insurance industry currently loses USD 6.25 billion or nearly 10% of its revenue due to various forms of frauds, of which 86% is contributed by the Life insurance sector.
The Chief Technology Officer, Policybazaar.com, Ashish Gupta shared his thoughts about the partnership:
“We are a technology driven entity and are always keen on integrating emerging technologies that simplify the process of selling and buying insurance in a secured manner. In addition to allaying security issues of consumers using online channels, blockchain will be used by Policybazaar.com to address consumer queries and complaints in a time-bound manner.”
Also the Chief Executive Officer (CEO), docprime.com, Gupta added;
“At the moment, consumer redressal takes time due to varying IT systems used by different stakeholders in the system, which leads to non-uniformity of data. This leads to a lot of back and forth while resolving operational issues and the reconciliation takes a lot of time and effort, causing inconvenience to our consumers. Hence, integrating of blockchain technology is in sync with our mission of keeping consumer interest above all.”
Further praising the technology, Gupta also stated that blockchain will enhance the security and privacy of data on the platform and will also allow them to access the data with ease. It will also enable a secure, private, fast and reliable communication with partners. Blockchain will render the data indisputable and time-stamped for reliability, resulting in a highly secure, more efficient and transparent exchange of information using a single network instead of multiple modes of information sharing.
The CEO of Accrivis Network Private Limited, Jignesh Vasani, said:
“Blockchain is deemed as the Internet of Transactions. It is also considered as the Truth Machine or truth serum for all transactions. We believe that by providing a blockchain platform for organisations to transact with each other, we will resolve any data conflict or unavailability, while providing increased security. We are excited about this partnership with Policybazaar to disrupt the insurance industry with our unique service offering.”
Apart from the aforementioned benefits, upon blockchain integration, PolicyBazaar.com could also adapt multiple use-cases of the technology, such as a shorter turnaround time for services and lesser cost of processing transactions. The company has set up an innovation lab consisting of 30+ engineers and data scientists to develop new-age tech solutions in order to augment customer centricity.