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Inc42.com, India: Cognizant and Indian Insurers Jointly Develop Blockchain Solution For Secure Data Sharing

“As a shared source of truth, blockchain opens numerous possibilities for insurers to collaborate more effectively and transparently, make better-informed decisions, and create greater trust and accountability,” said Arun Baid, Global Delivery Head for Insurance, Cognizant. “Our comprehensive blockchain and domain capabilities built over the years have made us a trusted advisor for insurance companies to realize distributed ledger’s full potential.” Excerpts:

“Cognizant, along with a consortium of Indian life insurers have developed a blockchain based solution to facilitate secure data sharing among companies. The technology is designed to help insurers reduce the risk of data breaches, fraud and money-laundering, while at the same attaining better efficiency, record-keeping and faster turnaround time.

Among those that assisted Cognizant in building the blockchain solution were SBI Life Insurance, Max Life Insurance, Canara HSBC OBC Life Insurance, Edelweiss Tokio Life, IDBI Federal Life Insurance, Birla Sun Life Insurance, HDFC Life, Kotak Life, Tata AIA Life, PNB MetLife, IndiaFirst Life Insurance, ICICI Prudential Life Insurance, Bharti AXA, Aegon Life, and SUD (Star Union Dai-ichi) Life Insurance.

With the help of the new blockchain solution by Cognizant and others, these companies are striving to offer improved customer experience by ensuring real-time availability, transparency and consistency of records. Because these records can be audited at any time with easy traceability, storing data on blockchain will also help insurers reduce operating costs, avoid duplication of procedures, and streamline approvals.”

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