The Poland-based insurance firm Link4 has reportedly forged an alliance with regtech startup Coinfirm, to utilize blockchain to make document correspondence and storage more efficient.
Specifically, the new Coinfirm-designed solution – dubbed “Trudatum” – reportedly provides transferring and storing features of electronic documents, along with making sure the immutability level are in check.
This means that insurance papers of Link4 buyers can be accessible and verificable via online gateways, consequently bringing down the total paperwork amount involved for the firm.
“For a long time, we’ve been focusing on modern and secure solutions, and this undoubtedly fits with blockchain, which guarantees the permanent saving of documents without the possibility of editing them. It is a benefit for our clients who will always find documents such as the product card or general insurance conditions in the same place, in unchanged form.” Agnieszka Wrońska – president of the Link4 Board – reportedly remarked regarding this next technological initiative from the firm.
The blockchain-based Trudatum has reportedly received the greenlight to operate by the Office of Competition and Consumer Protection – a Polish watchdog.
Numerous insurance businesses across the globe are reportedly turning to blockchain as a viable solution to streamline different operational aspects. In December last year, Anthem – ranked 2nd in the list of most major health insurance firms in the US – reportedly disclosed plans for utilizing blockchain to capture data of its 40 million members, within a 3-year timeframe.