ChainThat: Insurance Blockchain Framework for Brokers, (Re) Insurers
What Is ChainThat?
ChainThat is a blockchain solutions provider that serves the insurance and reinsurance industry. The platform focuses on businesses across the industry that face challenges in extracting value from their technology.
The platform will enable such businesses to utilize Distributed Ledger Technology (DLT) and smart contracts to reduce the business’s frictional costs while improving their operating ratios, thus delivering the advanced solutions needed by businesses.
Furthermore, ChainThat will enhance the growth of the global insurance market through its Insurance Blockchain Framework, which features industry solutions that deliver transformational and real business efficiency through streamlining and ensuring there is coordination in all operational processes across the insurance network on a policy.
ChainThat’s decentralized solutions include Placing, Accounting, Settlement and Claims Agreement and Facilities Schemes, and Contract Management. These solutions can be easily integrated with the business’s existing system in order to ensure that the business fully benefits from the value of the technology in which it has invested.
How ChainThat Insurance Blockchain Framework For Brokers Works
The Bermuda Risk Exchange on ChainThat will be the world’s (re)insurance risk and capital exchange driven by technology that reduces frictional costs and time frames while increasing the market access for insurers and capital providers. The exchange will also enable businesses, brokers, and risk carriers create competitive products and sell them to a larger market.
Using the blockchain based Placing application on ChainThat, brokers and re/insurers will have the ability to create, negotiate, and manage the placement terms during the placement of a new risk contract in the market. This will substantiality reduce the overall processing time and cost, enable parties make digital signatures and ensure there is real-time availability of data.
ChainThat is integrated with a Corda DLT platform that can manage (re)insurance Technical & Financial Accounting as well as Net or Direct Settlement and Claims Agreement. The platform is compatible with the ACORD data standards and processes, can link accounting to payments and streamlines processes in the business.
The Facility Schemes is another ChainThat product that supports the negotiation and placement of a Facility contract between brokers and a panel of (re)insurers. The product will then enable placement of individual risks using the terms made by that panel. This results in a solution where brokers and carriers can share and coordinate data within facility type arrangements.
The ChainThat team is made up of individuals with a wide range of technical skills combined with a background in in Commercial and Specialty, meaning that they have vast knowledge on the processes in the insurance industry and have the ability to efficiently and effectively manage development projects.
ChainThat insurance solutions can be used to agree claims, exchange technical and financial accounts, or place and negotiate contracts. These solutions are designed in a way that they can be easily implemented in the business’s current technology and provide the entire business cycle with efficiency.
Due to the utilization of blockchain technology and distributed, ChainThat does not require a central server that facilitates the exchange of data between participants. All the participants hold their data and can share it with their peer when trading and blockchain will ensure that the trades are immutable and transparent.