Insurance Corporation of Barbados (ICBL) to Use Blockchain in Its Bitt Partnership
ICBL to Use Blockchain Technology in Its Partnership with Bitt
ICBL (The Insurance Corporation of Barbados Ltd) on Wednesday, October 3rd, 2018 announced that it had entered into an agreement with Bitt. Bitt is a Carribean based digital payments firm.
It will be responsible for deploying blockchain-based technology solutions that will be used by ICBL to boost inefficiencies on behalf of its consumers.
Bitt and ICBL Partnership
This new partnership is inclusive of improved client information automation, insurance claims issuance based on blockchain technology, and strengthened compliance monitoring. One of the components dealing with client information will touch on the new digital payment solution to be implemented by Bitt.
The solution is to be integrated using its mobile wallet that is popularly known as mMoney. After its implementation, ICBL clients will now be in a position to complete payments using their smartphones. They will also have convenient access to their past payment histories.
When releasing the statement, Geoff Scott, the ICBL CEO and managing director said that they had sought input from their clients before arriving at this decision. In addition to seeking their input, they also paid increased attention to their needs as well as responses to past customer-focused inquiries.
Geoff went on to state that their customers always expect convenience from ICBL at all times, more so when it comes to their interaction points. He said that clients are now requesting that the company releases a payment options menu that can be accessed from any location in the world.
Another essential feature that comes with the mMoney application, and which attracted the ICBL team too it is the fact that it is capable of accepting regional digital assets. Once accepted, it can easily convert these assets into a common currency that can be used online, which is quite attractive for ICBL global clients.
All the components of this agreement will be backed by a Financial Operations Management Panel, KYC (Know Your Client) Compliance Systems, and AML (Anti-money laundering) Compliance Systems. All these compliance systems are meant to make it possible for financial operators to monitor and track company activities.
The Management system from Bitt has been designed to enable it to guarantee data integrity and maintain product data. Rawdon Adams, Bitt’s CEO stated that Bitt, at its core is a FinTech company. He went on to say that The Insurance Corporation of Barbados has chosen solutions from its suite of services and products that are capable of using ledger technology.
This means that the selected products and services can efficiently be able to impact their day-to-day operations. Adams went on to say that this new agreement has presented Bitt with an opportunity to showcase its extensive range of capabilities. For its long list of clients, this will mainly comprise of behind the scenes, or back-end stuff.
However, it is expected that these new capabilities will result in increased efficiencies for The Insurance Corporation of Barbados. In the long-run, they will help improve customer experiences, ensuring that all its clients get access to the products and services they need in a timely and efficient manner.