Insurance firms tap blockchain for ease of transaction

13 companies to create pool of policyholder data; to lower cost for insurers

Thirteen Indian insurance companies have come together to use a blockchain-like technology to create a central repository of policyholder data, so that insurers need not repeat the registration procedure for multiple policies.

“When the same records are available to a number of life insurance companies in a chain, the cost incurred by them is lower compared to what it is when they were all separately conducting tests and storing records,” said Akshay Dhanak, vice-president, business systems & technology at HDFC Life Insurance. 

A whole lot of work has to be done in know-your-customer, medical underwriting, financial underwriting, etc, when a