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 ACORD certified gateway provider, to provide integration and data transformation features which will make it easier for re/insurers to adopt blockchain and DLT technologies.
One of the biggest challenges brokers and carriers face today is how to transition to blockchain-based solutions while integrating this technology with their existing internal systems, some of which have been around for more than 20 years. To solve this challenge, ChainThat has incorporated the Send Technology Riskwire Platform - which provides an ACORD certified gateway and data pipeline transformational technologies - into its Insurance Blockchain Framework, allowing for a controlled and stepped integration to existing insurance systems. This provides a practical platform for the adoption of blockchain technologies so that insurers can quickly realise the promise that blockchain innovation offers in production solutions.
Direct operating costs across the global insurance markets distribution chain are estimated to be $200 billion each year. A recent report by ChainThat and global blockchain provider R3 found that applying blockchain to the global re/insurance market could deliver operational cost savings of 10% to 25% or $20 billion to $50 billion each year (Note 1). Lowering the barriers to adopting blockchain is the key challenge if the re/insurance industry is to realise these savings.
“While there are many traditional integration solutions available on the market, we needed a solution that has flexibility in mind to be able to adapt to the varying demands of each individual insurer’s internal system integration needs,” said David Edwards, Chief Executive Officer of ChainThat. “We have seen how Send Technology has successfully taken a modern-day approach to its design and scalability while providing a powerful data transformation and integration layer. This partnership allows us to create the first truly practical way of integrating and transitioning to blockchain in insurance markets.”
“A key aspect to delivering cost-effective, innovative solutions in the commercial re/insurance market is partnering with the right company with the right technology,” said Ben Huckel, Chief Executive Officer at Send Technology. “The Riskwire Platform was built to facilitate simple and rapid system integration via messaging or API and integration with ChainThat’s Insurance Blockchain Framework will create an exceptional and compelling offering.
“The partnership between the two companies will allow ChainThat and Send Technology to be uniquely positioned to drive the adoption of ACORD-enabled blockchain solutions. Enterprises will be able to utilise industry standard ACORD messaging to integrate their existing estate with on-chain events and broadcast off-chain events onto the blockchain.”
Issued by rein4ce on behalf of ChainThat
For further information, contact Stephen Breen email@example.com, +44 (0)7843 076556
1 To access the report “Modernizing Commercial and Specialty Insurance Accounting with Blockchain Technology”, please go to https://www.r3.com/research/
ChainThat is a provider of insurance blockchain solutions. Working with business leaders across the insurance industry they provide real-world applications of blockchain that deliver on the promise of innovation covering the full value chain of commercial and speciality insurance & reinsurance.
About Send Technology
Send Technology was formed in 2017 and is an insurtech company based in London. Send Technology specialise in systems integration and offer software products, ACORD messaging consultancy and agile development services. They aim to deliver rapid, cost-effective and innovative solutions based on their highly scalable and resilient Riskwire Platform for commercial re/insurance.