Decentralised application allows brokers & re(insurers) to negotiate, create and manage placement terms when a new risk contract is being placed in a market. The data from the each blockchain node is easily integrated with the existing policy admin systems via interfaces that support ACORD data standards.
- Reduces processing time and cost
- (Near)Real-time availability of the consistent data across
- Digital signatures and legal certainty
Accounting, Settlement and Claims Agreement
Utilising the Corda DLT platform the application allows for the management of insurance/reinsurance Technical & Finical Accounting, Net or Direct Settlement and Claims Agreement.
- Backward compatible with ACORD data standards and processes
- Supports EBOT and ECOT
- Links accounting to payments
- Streamlines processes and removes the need for reconciliation
Facility Schemes (CTFacility)
Blockchain powered application that allows brokers to create and manage scheme policies via pre-defined facilities (e.g. Excess of Loss) that are setup with the (re)insurers.
- Improved data discoverability
- Standardise communication framework
- Data consistency and avoid data duplication
- SmartContract led Quote Engine
- Digital Contracts
- Complete audit and enhanced transparency
Contract Management (CTContract)
CTContract allows multi-parties to create, negotiate and manage a digital contract. Users can view the difference with previous versions of the contract terms and ensures contract sign integrity - i.e. ensure all participants in the contract have signed the same version of the contract.
- Immutable history with time-stamping
- Digital Signatures removes the need for manual overheads
- Version history ability to compare and view updates on the contract terms
- Improves productivity/efficiencies across the contract process
- Data Quality/Consistency enforced