As an international life insurance group focused on acquiring, retaining, and managing life insurance policy portfolios, our client is focused on consolidating life insurance businesses by applying its expertise across operational, technical, investment, regulatory, and compliance activities.
Primed with their vision to be a safe and reliable global manager of legacy portfolios for life insurers as they restructure, the client recognises the importance of maintaining seamless and high-performing operational efficiencies.
The client identified the need to deliver a single source of truth for insurance policy level data across the whole reinsurance value chain — and, by extension, the potential opportunities of Blockchain-powered systems.
To support global growth ambitions, the client needed to shift technological foundations away from spreadsheets, support files, and manual processes towards a sustainable, automated, and significantly less vulnerable environment.
For each transaction, individual closed book policy-level data is analysed and managed with manual spreadsheet models. A reliance on manual process leads to increased costs and a high likelihood of errors. As a direct result, users and stakeholders have little trust and transparency around data accuracy.
The client understands the critical nature of transparent and seamless business processes. Where official processes don’t exist, users currently find workarounds. Even with the best intentions to achieve a common goal, the organisation suffers from different people working in different ways in a disparate and disconnected environment.
Commercial disadvantages stem from insubstantial business processes. When trading closed-book life insurance policies, human errors or compromised data have serious potential to tarnish organisational reputations and damage trading opportunities.
Without transparent and auditable processes, it’s near impossible to forensically analyse failures, shortcomings, or areas of improvement. Manual systems make it extremely difficult to identify the root cause of an issue — or even start on the path towards finding an innovative solution.
Underpinned by an adaptable DLT system, the client has access to a more secure, manageable, controllable, and auditable data environment. FALKOR bakes in a layer of transparency with straightforward data auditing, while automated peer-to-peer transaction processes further enhance the value chain.
To conduct thorough audits (which at ByzGen we call the Golden Record), DLT is powered by Hyperledger. Being a popular choice in enterprise deployments, Hyperledger provides a fully traceable data trail throughout the client’s ecosystem.
Corda (a DLT platform created by R3) integrates to provide the support to deliver the peer-to-peer transaction capability in one cohesive system. The combination of Corda and Hyperledger enables peer-to-peer transactions while maintaining the Golden Record.
FALKOR acts as the secure and trusted bridge between various DLT systems to equip the client with the tools to fully leverage business-critical applications. As a result, the wider organisation no longer needs to rely on unmanageable, manual spreadsheets with multiple states dispersed across internal systems. Instead, ByzGen unites data sources to establish a single version of the truth.
As a Blockchain-enabled platform provider, ByzGen enables organisations to adhere to legal and compliance regulation by exchanging sensitive and valuable data securely and at scale.
Blockchain streamlines data exchange by empowering decision-makers to collaborate effectively while improving the efficiency of operational processes.