The insurance industry is urging to bring the digital transformation to the next level in the light of users’ increased expectations, escalated competition environment, complex compliance requirements, more sophisticated fraudulent claim cases, fragmented data sources, and complicated liability assessments. Thanks to Distributed Ledger Technology’s (DLT) “system of truth” property, by applying DLT to various insurance applications, we are able to support secure data recording, streamlined workflows, and enhanced privacy assurance.
Accelerating motor insurance digitization across the value chain
CryptoBLK, together with the Hong Kong Federation of Insurers (HKFI), has released an industry-wide motor insurance authentication system that harnesses DLT to ensure the authenticity of motor insurance documents and fight against fraudulent cases.
As MIDAS’s motor insurance authentication solution moves into production, CryptoBLK targets to go further and deeper, with an aim to provision the digitization of documents for the insurance industry. CryptoBLK is exploring the opportunity to digitize policy documents from document generation, sharing to authentication, all carried out and supported on one single trusted DLT platform. This gives high efficiency, security and trust to insurers, policyholders and government departments with just a few clicks to complete the entire verification process.