ChainThat demonstrates that blockchain has the potential to add value in claims
London, 7th September 2018 - ChainThat, a provider of block chain solutions for the insurance and reinsurance industry, is pleased to announce that it has successfully completed a Distributed Ledger Technology (DLT) prototype focused on claims agreements.
This DLT prototype was developed for the London Market Target Operating Model (LMTOM) as part of a wider project with three other participants.
ChainThat’s prototype was designed to demonstrate the potential of DLT in an insurance market with emphasis on the London Market Claims Agreement coordination, highlighting areas where DLT could bring efficiencies to processing and enhanced benefits to the insured clients. The prototype also provides a demonstration of integrating Insurance Transaction Accounting for both premiums and claims.
David Edwards, the Chief Executive Officer of ChainThat, said: “ChainThat created its first blockchain & DLT business solution focused on insurance markets in 2015. Now in 2018, we have a mature and leading modularised insurance product set which can be used to help accelerate adoption within insurance markets while reducing the risks associated with blockchain technologies.”
About ChainThat’s Prototype
ChainThat created the prototype using their Insurance Blockchain Framework modules (Claims and Accounting & Settlement) which runs on R3’s Corda DLT platform and was hosted in the Azure cloud. In addition to a standard Web based user interface, a fully functional iPad application was created to allow for mobile demonstrations and real time interaction with the backbone DLT.
Key Features of ChainThat’s prototype cover:
- A full claim agreement process
- Support for complex commercial and specialty market policies
- The new Single Claims Agreement Party (SCAP) processes
- Negotiating claims, fees and recoveries
- Insureds or Third Parties (e.g. Loss Adjusters) being given privilege based access to a claim
- Immutable audit trail of claims and payment transactions for all relevant parties
- Data ingest to simulate connections from PPL & SDC (powered by Send Technology – RiskWire)
- Interface in real time with Insurers’ existing Claim Management systems
- Straight-through Accounting and Settlement capability
- Automatic generation and submission of premium ‘Technical Accounts’ after processing ACORD placement messages
- Reporting dashboard and data
- Customisable User Interface
Issued by rein4ce on behalf of ChainThat
For further information and enquires relating to this press release please contact: Conal Urquhart – firstname.lastname@example.org +44 (0) 795 266 8999
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.
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