The ChainThat & R3 joint paper on Modernizing Commercial and Speciality Insurance Accounting with Blockchain Technology.
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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. We consider design principles for blockchain platforms in the insurance sector and examine R3’s Corda architecture. This whitepaper is suitable for business readers who wish to understand some of the complexities in the Accounting and Settlement processes of this sector or technical architects who need to understand how particular platforms provide value within insurance.