TCS and B3i to accelerate Blockchain Insurance Use Cases

TCS has now partnered with the Blockchain Insurance Industry Initiative (B3i) services to create Blockchain solutions for the insurance industry.

The partnership will help the Mumbai based IT services provider to design, develop, and launch ecosystem innovations based on the Distributed Ledger Technology (DLT) for the insurance industry.

As per the Accenture Technology Vision 2019 survey, more than 80% of insurance companies claimed that they adopted or were planning to leverage the blockchain technology.  Thus to accelerate the overall use of distributed ledger technology in the insurance industry, it is important to form partnerships and alliances.

Executive Opinion

Lakshminarasimhan Srinivasan, Global Head, TCS Interactive, said, "TCS works with leading financial institutions across the world to drive business model innovation with digital technologies such as DLT. TCS and B3i share a deep understanding of this cutting-edge technology as well as the insurance industry’s needs. Together we can leverage our complementary capabilities, deep industry experience, a modern technology platform, design prowess, and core DLT technologies to shape the future of the insurance industry."

John Carolin, the CEO, B3i, said, "By working together with trusted partners, the insurance industry can solve longstanding problems that individual insurers and brokers can’t solve alone. TCS’s capabilities and global scale complement B3i’s specifically in the insurance industry, where participants in B3i are establishing protocols, curating minimum standards, safeguarding interoperability, and setting a solid foundation to digitally transform the insurance industry."

TCS and B3i Partnership

B3i DLT platform offers tailored services to support the risk managers, reinsurers, brokers, and industry service providers. The consortium, created by the Swiss Re and Munich Re – two of the world’s largest reinsurers along with the insurers Zurich, Allianz, and Aegon, was set up to explore the blockchain technology applications in the industry.

B3i’s Fluidity platform provides libraries of code for the development, distribution, delivery, and monetization of interoperable and distributed applications across its ecosystem.

The partnership intends to accelerate the digitization of insurance for faster and efficient delivery of tailored solutions. The primary customers of these solutions are risk managers, insurers, brokers, reinsurers, and industry service providers.

Apart from that, TCS works in curating ecosystems across different industries, which includes logistics, insurance, retail, distribution, and manufacturing. A partner like TCS will help the B3i participants to close the ‘protection gap’ by identifying opportunities for new or existing insurance products, notes the announcement.
PC: Pablo, Pixabay

Note: We at TechSutram take our ethics very seriously. More information about it can be found here.
Udit Agarwal Opinions expressed by techsutram contributors are their own. More details

Udit Agarwal is a Digital Marketer and a Content Marketing Specialist, He enjoys technical as well as non-technical writing. His passion and urge for gaining new insights on gadgets, smartphones and technology has led him to Techsutram. He quenches his thirst for technology through his action oriented writing skills and a profound ability to stay up to date with latest industry trends.

No comments:

Post a Comment

    Your valuable comments are welcome. (Moderated)