New Delhi: Policybazaar.com has partnered with Accrivis Network Pvt. Ltd., a data integration platform provider, to implement blockchain solutions to enhance customer centricity through data security and application integration for making the purchase of insurance a seamless affair.
By integrating this technology, Policybazaar.com is looking to detect and minimise the rampant frauds that are on-going in the insurance ecosystem affecting both the business and the consumer.
At the moment, Indian insurance industry loses USD 6.25 billion or nearly 10% of its revenue attributed to various frauds, of which 86% are attributed to Life insurance sector, which is more than six times of 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," said Ashish Gupta, Chief Technology Officer, Policybazaar.com and Chief Executive Officer (CEO), docprime.com.
"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."
Once the technology is implemented, we will be able to disrupt how companies communicate with their partners. Using this technology will enable us to have a secure, private, fast and reliable communication with our partners. The technology will enable Policybazaar.com to enhance security and privacy of data, at the same time it will also increase our control on that is able to access the data.
This technology will make the data indisputable and time-stamped for reliability, which will result in highly secure, more efficient and transparent exchange of information using a single network instead of multiple modes of information sharing.
"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 organisations 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," said Jignesh Vasani, CEO of Accrivis Network Private Limited.
The tie-up will enable Policybazaar.com to explore multiple use-cases of blockchain technology; consumers should be able to see a shorter turn-around time for services. The cost of processing transactions will also come down, the benefits of which can be passed on to consumers. The consumers will be protected from fraud, as historical data can be used for verification and analysis by PolicyBazaar.com and our partners.