MUMBAI, India, April 16, 2018 /PRNewswire/ -- Cognizant (Nasdaq:
CTSH) and a consortium of leading Indian life insurers — comprising
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 — today
announced that they have developed a blockchain solution to
facilitate cross-company data-sharing. This will enable the
insurers to reduce the risk of data breaches, fraud and
money-laundering, while delivering superior experience to customers
through improved process efficiency, better record-keeping, and
accelerated turnaround time.
The solution, developed late last year as part of a
collaborative blockchain program undertaken by the consortium, is
among the consortium's first distributed ledger initiatives. Built
on Corda, a distributed ledger platform developed by R3 and hosted
on Microsoft's Azure infrastructure, the solution will help these
insurers reduce their reliance on data intermediaries and
aggregators in obtaining customer and policy details for a wide
range of critical purposes, such as know-your-customer due
diligence, financial and medical underwriting, risk assessment,
fraud detection, and regulatory compliance.
In addition to ensuring real-time availability, transparency and
consistency of records that can be audited at any time with easy
traceability, storing data on blockchain will enable participating
insurers to reduce operating costs, avoid duplication of
procedures, and streamline approvals.
"Blockchain has the potential to catalyze a significant shift in
the insurance industry's underlying technology and business
models," said Anand Pejawar, President — Operations, IT &
International Business, SBI Life. "With its model of immutable and
decentralized data, and its ability to prevent tampered documents
and false billings from falling through the cracks, blockchain can
enable insurance providers to introduce new models, reinvent
processes, and increase capacity. We are pleased to be a part of
this path-breaking consortium of Indian life insurers and
collaborate with Cognizant on driving distributed ledger
innovations of tomorrow."
"By transforming how insurance companies operate and interact
with stakeholders across the value chain, blockchain can rewrite
the rules of competition in the insurance industry," said V.
Viswanand, Chief Operating Officer, Max Life Insurance. "The shared
infrastructure provided by the distributed ledger, smart contracts
and non-repudiation capabilities of blockchain can dramatically
enhance the insurance value chain, and pave the way to greater
automation in requesting, exchanging and entering data. The
partnership between our consortium and Cognizant is a significant
step forward in leveraging the long-term strategic benefits of the
technology and turning better customer experience into a
competitive advantage."
"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, while disintermediating data
aggregators," 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. We are proud to be a part of the
consortium's vision to create a more secure, streamlined ecosystem
that can accommodate disruptive business models of tomorrow."
About Cognizant
Cognizant (Nasdaq-100: CTSH) is
one of the world's leading professional services companies,
transforming clients' business, operating and technology models for
the digital era. Our unique industry-based, consultative approach
helps clients envision, build and run more innovative and efficient
businesses. Headquartered in the U.S., Cognizant is ranked 205 on
the Fortune 500 and is consistently listed among the most admired
companies in the world. Learn how Cognizant helps clients lead with
digital at www.cognizant.com or follow us @Cognizant.
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SOURCE Cognizant