Policybazaar.com Exploring Blockchain Use Cases

Indian aggregator Policybazaar.com is working with Accrivis Network Pvt. Ltd. to implement blockchain solutions that will enable a more secure communication with its partners with the hopes of reducing fraudulent claims. Did You Know? Currently, the Indian insurance industry loses $6.25b or nearly 10% of its revenue on grounds of various frauds , of which, 86% are attributed to the Life insurance sector. This is more than 6x that of the general insurance segment that witnesses frauds to the tune of 14%.

“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.com to address consumer queries and complaints in a time-bound manner. 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.” – Policybazaar.com CTO, Ashish Gupta.

“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 organizations 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.” – Accrivis Network Private CEO, Jignesh Vasani.

Recall blockchain/insurance use cases here.