Integration between systems is the absolute bane of the software engineer’s world. It’s hard to do when you need to link to many and old counterparty systems and therefore it takes time and gets expensive. Indeed, there is only one scarier word that we know of and that’s ‘Transition’; getting from where we are now (i.e. not connected) to where we want to be (i.e. connected). So, there you have it. This is what we are thinking about and working on right now; Integration and Transition.
ChainThat and Send Technology announce strategic partnership to ease adoption of blockchain technology in the insurance and reinsurance markets
London May 24, 2018 – ChainThat, a specialist provider of blockchain solutions serving the insurance and reinsurance industry, has announced a strategic partnership with Send Technology, a specialist integration and messaging solutions provider, to provide integration and data transformation features which will make it easier for re/insurers to adopt blockchain and DLT technologies.
Since 2016 we have seen a plethora of Proof of Concepts (PoC) in the insurance space. Some of these PoCs have moved up to the stage of becoming a Pilot. For this week’s episode I had the great pleasure of chatting to David Edwards, CEO at ChainThat and Ranvir Saggu, CEO at Blocksure to discuss building a blockchain PoC and/or pilot in the insurance industry. Both of their respective companies provide enterprise solutions using blockchain, DLT and smart contract to insurance companies.
The ChainThat & R3 joint paper on Modernizing Commercial and Speciality Insurance Accounting with Blockchain Technology.
Commercial and specialty insurance contracts and the resulting financial transactions between counterparties are both complex and costly to administer. Optimizing the operational processes across distribution networks and trading relationships remains a challenge for the industry. Operating inefficiencies cost the insurance sector and its clients billions of dollars annually. Blockchain-based platforms can reduce costs in the core Accounting and Settlement processes by coordinating shared processes and reducing complexity. Blockchain technology can also facilitate the final payment netting between counterparties.
Xceedance Makes Multi-Million Dollar “Series A” Investment in ChainThat, an Insurance Blockchain Specialist. LONDON, November 14, 2017 — Xceedance, a global provider of insurance consulting, managed services, technology and data sciences, today announced a multi-million dollar “Series A” equity investment in ChainThat , a London-based blockchain specialist organisation serving the re/insurance industry.
R3 runs a consortium with over 80 members on a blockchain inspired distributed ledger platform called Corda. R3’s Corda platform has been designed and built taking into account requirements such as data privacy/confidentiality and transaction scalability of financial institutions in mind. Its design can easily be extended in non-financial domains such as insurance. R3 and ChainThat have formed a partnership to develop distributed ledger technology solutions for the (re)insurance industry.
In an exclusive interview for The Digital Insurer, Rick Huckstep spoke with R3 and ChainThat about their new partnership to develop distributed ledger technology solutions for the insurance industry.
In our previous post, we introduced Hyperledger Fabric v1’s architecture components and some common design patterns that we could use with it. This post will discuss the prospects of using Fabric driven consortium based blockchain network for commercial and reinsurance use cases.
In May 2017 we completed the integration of Fabric V1 into the Insurance Blockchain Framework replacing Fabric V0.6. Having completed end-to-end testing for ChainThat's reinsurance solution covering, Contract Management & Negotiations, Firm Orders, Signing Down, Technical Accounting, Financial Accounting, Settlement and Claims Management our lead Developer is writing a series of articles to share what we have learned with the wider community.