HCL Technologies and R3 launch blockchain insurance platform
New York-based R3, one of the largest enterprise blockchain companies in the world with a client ecosystem of over 300 firms, helped HCL design the new service, which will enable the Indian insurance companies to streamline and bolster policy creation with real-time data streaming, cryptographic security and immutable record keeping.
Insurtech grows in APAC
A recent surge in interest within the region, which was noticed by in early April 2020, can almost certainly be linked to the COVID-19 pandemic as operational difficulties and shifting customer spending habits are redefined in the new normal:
“While the consequences unfold, insurers should start to prepare for the future, by accelerating the digitisation of their operations and planning for business opportunities ahead,” said Angat Sandhu, Partner and Head of APR Insurance, and Prasanna Patil, Principal - Insurance at Oliver Wyman.
In their article, the two postulated that APAC insurance would change in three waves:
- Businesses will struggle and some will decline as customer spending power decreases owing to job loss, illness, etc.
- Next, insurance claims will rise as COVID-related eventualities strain credit lines.
- Finally, a renewed interest in insurance products will take place.
However, regarding this latter point, it is unlikely that interest will return to the same types of product as before. Digital innovations, such as HCL and R3’s collaboration, are likely to shape a revitalised industry, an opinion shared by Harshveer Singh, Partner at :
“It's a much younger region, and the adoption of e-commerce and digital has been incredible. Openness to tech brands, supported by very friendly, benign regulators who are creating sandboxes for experimentation to happen.”
As APAC insurtech continues to incorporate blockchain, cloud, AI (artificial intelligence) and other technologies, the region’s customers could expect to see the customizability, affordability and convenience already being experienced by the industry’s US and UK counterparts
SLK Software: Optimising performance in the digital economy
Established in 2000 in Bengaluru, India, SLK Software recognises that fast-paced digital transformation is creating an unprecedentedly fertile period of opportunity for global businesses.
As such, with a firm belief in the power of simplification and automation to yield new and exciting experiences, the company has been challenging the status quo for over 20 years through an approach that is:
- Relationship oriented
- Strategically focused on a desired outcome
- Reliant on automation tech
Believing in purposeful automation
SLK’s specialisation in automation tech is full spectrum: artificial intelligence (AI) and machine learning (ML), Computer Vision, Natural Language Processing (NLP), Robotic Process Automation (RPA), and more, are all part of its core competencies.
Citing 90% productivity improvements, 30% business growth through better customer experiences, and up to 20x faster go-to-market capabilities, the reasons for its focus are clear.
The company currently serves the banking, financial services, insurance, retirement services, M&A, manufacturing, and supply chain sectors. Solutions offered include:
- Intelligent Business Transformation
- Agile IT Automation
Accelerating workflow processes
The latter is a tool specifically calibrated to enable business users an easy method for capturing document processes. This can occur across any application, with these individual tasks then seamlessly combined for both improved compliance and governance.
Carol Castelloni, VP of Transformation at CNA Insurance, highlighted this as providing critical support in helping the company meet its business objectives:
“SLK’s Avo Discover tool accelerates how we can document workflow processes, measure impacts on enhancements, and identifies future automation opportunities.” Liberated from having to focus on these process-driven aspects of business, CNA Insurance has been able to refocus its attention on creative problem-solving instead.
Ultimately, this is the most important benefit that SLK brings: it optimises the back end so that clients can channel their energy towards what matters the most, customers.
Read more about SLK Software and CNA Insurance in the June 2021 edition of FinTech Magazine.
Pictured: SLK Software team (source)