Covéa partners with blockchain service provider

Blockchain

Covéa has chosen to partner with blockchain platform Blocksure and will use it alongside its legacy systems.

The implementation of the blockchain technology will allow Covéa to use real time risk assessment, process client money faster and handle premiums in a more slick way.

Blocksure will remove the need for cash reconciliation and customer claims triage and allow Covéa to automate some of its processes.

Ranvir Saggu, CEO of Blocksure, told Post that it has been in talks with several other parties that are looking to use its technology:

“We are currently speaking to other parties in the London market as this technology can be adapted to any aspect of insurance. However, there needs to be more confidence in blockchain; there are five products that we are looking to build. We plan to go into general insurance and then to commercial insurance, from there we will develop a micro-insurance product.

“Using blockchain will allow for greater certainty around client money and allow brokers to have access to their client bases.

“Our technology enables customers to change information on their policy on demand while reducing the cost of doing so for the insurer or broker. Blocksure enables customers to settle claims internally and process all docusments of a claim seamlessly.”

Blocksure is planning to launch in overseas territories following on from its launch with Covéa.

Tim Grant, head of business transformation and innovation, commercial and high net worth at Covéa, said: “It is a fantastic opportunity to be involved with a broker that is adopting this new technology and we will be involved on a solution by solution basis. We are very supportive of the proposition and interested to see how this technology develops. It is a great opportunity for Covéa Insurance.”

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