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Swapnil edited this page Mar 16, 2018
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A blockchain is essentially a ledger of records, of digital events, shared/distributed among many different parties. It can only be updated by consensus of a majority of the participants in the system. And, once created, information can never be altered. The blockchain contains a certain an verifiable record of every single transaction ever made.
Some of the benefits that a blockchain platform could provide in a reinsurance network are :
- A single version of an asset, thanks to the sharing/distributed ledger. These assets are then wrapped in the form of smart contract. For example, assets could be risk, technical or financial account, claim.
- A decrease of times in the accounting and settlements
- Improvement in the operational cost, as a lot of time, is currently spent by organizations on reconciliation
- Automation through smart policy
- Efficient exchange of information
- Reduced fraud loss
The use case we are going to build is a claim processing for a Reinsurance Organization. As a Reinsurance organization, I would like to see the finance related status of claims requested by my cedents As a Cedent organization, I would like to see the real-time status of every claims.
