Experience of use a blockchain of Hyperledger IBM in Business Lines and Renaissance Insurance

The most interesting perspectives in the insurance sphere at blockchain technologies are in those fields of work with clients and partners who demand intensive permanent exchange of large information volume. The first sold project in the Russian insurance market are a blockchain project of our company and Delovye linii Group on the basis of a system blockchain Hyperledger IBM. So far in it two participants, in the future we are going to expand their quantity, having turned on also service companies participating in settlement of a loss. Access to a system a number of nodes Business lines of Group and company Renaissance Insurance (a part from these nodes are confirmatory, a part is provided by storage functions and executions of smart contracts, the node for the organization of an order of transactions and transactions is also used) have^[1].

Use of a blockchain in the project allows to accumulate detailed information on all parameters of cargo transportation. A system contains data on the insurance contract, parts of tariffing of cost of insurance, on all features of a load (including changes on route, data of senders and receivers and there are a lot of other factors), data on the used vehicles, detailed information on damages of a load and the taken place insured event. It is effective replacement of traditional paper document flow which allows to reduce sharply costs on conducting business (and, as a result, insurance cost for the client).

For today the implemented system includes opportunities:

• exact tariffing with detailed accounting of all risk factors. Calculation of a rate is carried out online, the client concludes smart contract;
• business process automation and, as a result, reduction of probability of an error, acceleration of document flow, operational smart settlement of losses, expense reductions on data processing – all this leads to growth of service quality and increase in customer satisfaction;
• scalings of number of transactions without the noticeable growth of expenses;
• increase in speed of changes in a system;
• the blockchain system allows to accumulate and carry out the analysis of a huge number of parameters of cargo transportation along routes, loads, contracts, clients and on their basis to create detailed recommendations which the cargo carrier or insurance company can transfer to the client for the optimal organization of cargo transportation with a minimum risk: it can be councils for the safest or fast routes, optimal packaging and many other parameters. Of course, the clients following recommendations will be able to apply for the minimum rates at insurance of cargo transportation, and will allow to give systems capabilities to the best clients the best rate.

In the next plans – an exception of traditional correspondence thanks to distributed system. In the long term payment process will become completely automated and also on the basis of the analysis cross-sellings of insurance products to clients will be implemented. Data processing of a system will allow to prepare the offer adapted for his requirements considering specifics of business of the potential client for each client. Expansion of use of blockchain technologies is planned for mass types of insurance: for going abroad, KASKO, property and so on.

See Also

• Trends of development of IT in insurance (cyberinsurance and telematic data)

Notes