Policybazaar claims that adopting Blockchain technology will ensure that data is not tampered and payments are shared in a time bound manner
Policybazaar, an Indian portal dedicated towards insurance services, has announced partnership with Accrivis Network, a data integration platform provider, in order to implement blockchain solutions. The company claims that the step is aimed towards enhancing customer centricity through data security and application integration.
“It will make purchasing insurance a seamless affair” said a press release issued by the company.
Commenting on the partnership with Accrivis Network, Ashish Gupta, chief technology officer, Policybazaar.com and CEO, docprime, said “We are a technology driven entity and are always keen on integrating emerging technologies that simplify the process of selling and buying insurance in a secured manner. In addition to allaying security issues of consumers using online channels, blockchain will be used by Policybazaar to address consumer queries and complaints in a time-bound manner.”
Blockchain technology enables a company to transfer data using a single network instead of using multiple modes of information sharing.
Detecting and minimising frauds
Policybazaar says that the blockchain technology integration will enable it in detecting and minimising the rampant frauds that affect both the business and the consumer in the insurance ecosystem.
It is to be noted here that Indian insurance industry, at the moment loses around 10% of its revenue which in figures sums up as approximately USD 6.25 billion to various frauds. The majority, 86 per cent of these frauds, take place in the life insurance sector while the rest 14 per cent comprises frauds in general insurance segments.
Mr Gupta said, “At the moment, consumer redressal takes time due to varying IT systems used by different stakeholders in the system, which leads to non-uniformity of data. This leads to a lot of back and forth while resolving operational issues and the reconciliation takes a lot of time and effort, causing inconvenience to our consumers. Hence, integrating of blockchain technology is in sync with our mission of keeping consumer interest above all.”
The company claims that blockchain technology will enable it to have a secure, private, fast and reliable communication with their partners. It will also allow enhancement of security and privacy of data by giving Policybazaar control over accessing the data.
“This technology will make the data indisputable and time-stamped for reliability, which will result in highly secure, more efficient and transparent exchange of information using a single network instead of multiple modes of information sharing.” said Policybazaar in a press release.
The Policybazaar and Accrivis Network tie-up will enable PolicyBazaar.com to explore multiple use-cases of blockchain technology. Policybazaar claims that the technology will lead to shorter turn around time for services.
Predicting the cost of processing transactions to come down, Policybazaar said that the benefits can be passed on to consumers. Moreover, the consumers will be protected from fraud, as historical data will always be available to be used for verification and analysis by PolicyBazaar and its partners.
Commenting on the partnership, Jignesh Vasani, CEO of Accrivis Network said, “Blockchain is deemed as the Internet of Transactions. It is also considered as the Truth Machine or truth serum for all transactions. We believe that by providing a blockchain platform for organisations to transact with each other, we will resolve any data conflict or unavailability, while providing increased security. We are excited about this partnership with Policybazaar to disrupt the insurance industry with our unique service offering.”