Future-Proofing Insurers Using Blockchain

This article was originally published in Insurance CIO Outlook, on 18th of December. Read the original article here.

Technology has positively changed numerous industries over the past decade. However, in many ways, the multi-trillion-dollar global insurance sector is still stuck in the past. Times have changed. And the insurance sector needs to change too. In this highly relationship-driven field, trust is essential. And for trust to build, the insured must feel as though their needs are understood; their risks are covered; and their thoughts, fears, and preferences are engaged.

A combined study conducted by Newsweek, Vlocity, Salesforce, and Deloitte last year reported that 60 percent of insurance executives believe that underpinning this relationship between the insurer and the insured is a key to competing in the modern insurance market. They also agreed that this is best achieved by creating faster, smoother, and more personalised customer experiences. Against this backdrop, many insurance providers are looking for ways to automate processes and reduce complexity in order to achieve extraordinary customer engagement. Paving a smooth path to this, Aurachain, a Zurich-based company, has developed an enterprise platform helping the insurers automate their processes so they can remain focused on creating improved customer experiences. This platform enables the visual creation of digital process applications without writing code. The company has also recently adopted a new enterprise blockchain dimension in the form of Aurachain 3.0, which is driving faster digital transformation by turning manual processes into automated ones and allowing insurance providers to intuitively develop their own self-executing smart contracts.

For the last 10 years, as experts in business process management, Aurachain has kept a close eye on new developments and market dynamics. This led to the realisation that the disruptive potential of blockchain within the insurance industry is unquestionable. At present, with a humongous amount of personal data at stake, insurance providers are bogged down with traditional, paper-heavy processes that involve countless checks and an abundance of middlemen.

By putting all this data on a blockchain, Aurachain accelerates these checks, if not fully automating them. It also streamlines the majority of tasks performed by middlemen, ensuring improved risk management, reduced turnaround time for claims, and lower premiums. “The idea of incorporating blockchain arose out of a perfect storm. We saw the types of problems that organisations were facing and realised that they could be resolved with the use of blockchain technology,” says Adela Wiener, CEO of Aurachain.

To deliver immediate operational value, Aurachain enables insurance providers to build their own digital process applications on its platform. And by making blockchain technology accessible and practical through the Aurachain platform, the company is uniquely positioned to help insurance providers rapidly prototype and launch blockchain applications. This low-code application development approach makes the creation of next-gen business applications much easier. On top of all this, Aurachain future-proofs insurance providers for the impending transition to multi-faceted business ecosystems.

“Of course, we are proud of our game-changing platform, but on top of that, what really sets us apart are the people behind the platform,” asserts Adela.

Aurachain has incredibly talented and knowledgeable professionals in its team, ranging from developers and expert consultants to dedicated client success personnel. These professionals maintain long-term partnerships with clients and deliver continuous and scalable value to them. Most insurance providers who are keen to partner with Aurachain might not be in a position to commit to the blockchain revolution today but can definitely learn from the Aurachain experts and position themselves appropriately for tomorrow.

Aurachain has also announced a new update for its platform, Aurachain 3.4, with new features and functionalities. Further, from a geographical standpoint, the company opened a brand-new office in London earlier this year. The company is looking forward to meeting new partners, working with new clients, and proving its mettle in the British and Irish markets. Above all, the company plans to keep enabling client and partner engagement models, streamlining operations, and reducing costs along the way, for all insurance providers.