HCL Technologies In Collaboration with R3 has launched BUILDINGBLOCK — a blockchain platform created to streamline business property insurance for multinational companies. This platform enables insurance companies to craft a master policy document by enabling real time data flow in an easy, cryptographically secure and immutable manner. By adopting blockchain, organizations can save time and effort which was earlier consumed in lengthy data sharing processes and reconciliations. In addition, the immutable and secure nature of blockchain prevents the risk of data loss and accountability issues.
The platform focuses on managing insurance master policies for different geographies and provides real time visibility to all the stakeholders in the insurance domain for any annexure amends and approvals. It reduces the turnaround time and provides immutable records to establish accountability and proof of records. It takes away some burden of pointed BPM solutions and can prove to be a good asset for any organization in conducting pilots or taking it to production.
