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David Edwards, CEOTo relieve this difficult business situation, ChainThat, a specialized (re)insurance solution firm, is introducing a technology solution to initiate efficient and decentralized process collaboration based on the company’s Insurance Blockchain Framework.
The ChainThat Insurance Blockchain Framework, with its pluggable solution components, empowers insurers, reinsurers, brokers and managing general agents (MGAs) to proficiently carry out peer-to-peer processes ranging from negotiation, creation, and management of placement, insurance facilities, and administration of technical and financial accounting, to the handling of direct or net settlements and claims agreements.
“Our Framework offers a truly secure peer-to-peer interaction model that eliminates the cumbersome involvement of centralized systems, and ensures co-visibility for stakeholders, along with audit trailing of the interchanging data,” states David Edwards, CEO, ChainThat. The Framework executes various processes by leveraging distributed ledger technology (DLT) and smart contracts, thus facilitating contract certainty with real-time transactions, a single source of truth, and unbreakable trust between parties.
Powering the ChainThat Insurance Blockchain Framework is Corda, a specially-designed, distributed ledger platform developed by R3 for the financial industry. The platform manages highly scalable transactions, and ensures utmost data privacy and security.
The ChainThat Framework does not replace an insurer's specific operating procedures. It augments them with approved and optimized collaboration processes between the counterparties
What makes the Insurance Blockchain Framework highly effective is the ability to seamlessly integrate with existing policy administration systems via application programming interfaces (APIs) supporting ACORD data standards. As a result, the Framework establishes consistent data across policy systems and facilitates data processing at reduced cost and time.
“The ChainThat Framework does not replace an insurer’s specific operating procedures,” remarks Edwards. “It augments them with approved and optimized collaboration processes between the counterparties.”
Developed with the sole purpose of offering efficient, decentralized distributive applications to a consortium of insurance businesses, the Framework’s deployment is based on maximum flexibility. It can be deployed either as a cloud-based or on-premise solution, or it can be hosted by a third-party service.
Although the ChainThat Insurance Blockchain Framework is not yet in production, the company has initiated pilot projects. With a significant investment and partner resources from Xceedance, a global insurance consulting and managed service provider, ChainThat has won the trust of numerous London Market insurance organizations eager to complete strategic pilot implementations. As the international markets look to establish a common standard for insurance operations, ChainThat is making a promising case for the capabilities of the Insurance Blockchain Framework to enable secure, efficient, and cost-effective execution of insurance processes.
Having developed a powerful blockchain/DLT solution, ChainThat is offering (re)insurance consortiums a highly valuable platform to smoothly build, experiment, and evolve sophisticated trading relationships. ChainThat looks forward to steering its flagship offering from the pilot stage to product readiness in the next several months. The company is also expanding its workforce by adding developers in its India branch office to aggressively bolster the production, distribution and implementation of the solution.
ChainThat - an Insurtech in London – builds and deploys products that help broker, carrier, and MGA clients across the (re)insurance industry to better utilize technology and realize genuine business value.
Commenting on his new role, Acharya - who most recently served as ChainThat’s COO, where he managed all operations from pre-sales to delivery and the entire process in between - said: “I am extremely enthusiastic about leading this fantastic organization, which I have been involved in building brick-by-brick since the beginning.”
With his rich enterprise technology experience in the insurance market, and as Co-Founder of the business, Acharya has been an integral part of ChainThat’s history. And clients can be confident of a steady hand overseeing their projects.
Of the future, Acharya said: "2024 will be a catalyst year for ChainThat. As we propel ourselves into the next phase of growth, we will create scale for our “Beyond…” suite of products. We will also continue to deliver on the promise of innovation by further weaving Distributed Ledger Technology and AI into our products.”
He continues: “As we look to the future, I would like to take a moment to thank our former CEO, David Edwards, for his hard work and dedication in getting ChainThat to where it is today. But, we are now embarking on the new phase of our journey, where we are creating scale for our products & processes. Our product pipeline is very exciting. And we continue to deliver and expand upon our ultimate goals: to ensure our SaaS products support our clients in scaling their businesses, and to ensure that they are specifically catered to help insurance organizations build efficiencies across different geographies.”