Claim Technology’s insurtech marketplace provides API access to over 50 best-in-class insurtech providers, from quotes to claims.
As part of their journey on BlockStart’s 3rd Acceleration Programme, as an SME adopter, they were looking for new opportunities for collaboration with technology providers of DLT/blockchain solutions that could improve their business. This is the testimonial of their experience in our programme.
In one paragraph, what is Claim Technology?
Claim Technology’s insurtech marketplace provides API access to over 50 best-in-class insurtech providers, from quotes to claims. Choose from plug & play solutions that can be deployed in minutes from our 1-Click Insurtech Marketplace, or use our no-code platform tools to configure highly complex automated insurance processes in the cloud as a standalone solution or as a wrapper on top of legacy systems.
What is Claim Technology passionate about achieving?
Whilst our original focus was in the claims space (hence Claim Technology) our offer has now extended to powering digital transformation for quote & buy and mid-term adjustments. As a marketplace to best-in-class insurtech capability we’re continuing to grow our ecosystem of insurtechs. Our ARR grew by over 300% over the last 12 months and we’re forecasting growth of 3X again in 2022.
Can you tell us why you have decided to apply to BlockStart’s 3rd Call for end-user SMEs?
As a gateway to multiple automation technologies, we were very interested to find practical examples of how blockchain could be applied to insurance claims. Prior to joining BlockStart we had not identified a specific use case where blockchain offered a more compelling technology to other, more established technologies. By participating in the program we are able to delve deeper with blockchain providers and expose these solutions to our platform clients.
What major challenges have you faced during the implementation/testing of BlockStart’s blockchain-based solution?
- The sensitive nature of much of the information means that private blockchain is often required, which involves the effort of establishing that trusted network. This is being done in a number of cases, such as B3i and Insurwave, but is slow to establish and often precludes SME insurers. Claim Technology can support the formation and expansion of the trusted network via the insurtech marketplace, with each insurer receiving post-vetting access to BlockFrauds’ network.
- Blockchain / DLT is not widely understood by insurers, including a number of the SME insurers who do not have the resources to properly investigate it and its specific applications. Claim Technology can facilitate this through its easy-use insurtech marketplace.
What kind of impact do you think the blockchain-based solution you have implemented in the scope of BlockStart may bring to your company?
We see this as yet one more way in which we are able to bring market participants together and break down technology barriers and barriers to adoption. As a gateway between insurers and technology, Claim Technology sees its use cases for blockchain/DLT to be as broad as for the industry as a whole. These can include private blockchain, for exchanging sensitive information; public blockchain for sharing less sensitive information; linking private and public blockchain securely to facilitate use-cases requiring both aspects; and enabling smart contracts such as parametric-triggered payouts.
Where do you see your company in 5 years?
The pandemic has accelerated the belief that large enterprises can make change happen faster than they thought possible. Having seen how easy it is to implement digital tools like Zoom, now is the time for Operational teams to move to the next level and say; what’s stopping us from just as easily creating new business models and automating business processes in the cloud?
For IT teams, the challenge will be to re-imagine their role. In the same way that the hardware layer (servers, routers etc) has moved from on-premise to AWS/Azure, the same logic applies to the business process layer; business process platforms like Claim Technology mean that IT teams no longer have to design or build processes in-house (including 3rd party integrations) – as a cloud platform is fundamentally faster cheaper and more robust than in-house efforts.
Want to know more about the blockchain-based solution adopted by Claim Technology?
Visit Blockfrauds’s webpage or watch the video below to learn more about the “Blockfrauds”, solution implemented by Claim Technology in the scope of BlokStart’s 3rd Acceleration Programme.