Poland based insurer Link4 has joined hands with a RegTech company Coinfirm to simplify document sharing and storage using a blockchain based system.
Coinfirm’s blockchain tool, named Trudatum, facilitates transfer and storage of digital documents and guarantees their immutability.
Therefore, Link4’s clients will be able to access insurance related documents and verify online without any need for paperwork.
Link4 asserts itself as the leader in Poland’s direct insurance market. Established in 2003, the company was the first one to begin selling motor insurance using internet and phone.
Blockchain is yet another technological advancement for the firm, as per Agnieszka Wrońska, president of the Link4 Board:
“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.”
The blockchain based system has supposedly been endorsed by the Office of Competition and Consumer Protection, a domestic monitoring agency. Other insurers across the globe have been have been implementing blockchain technology to several stages of their business operations.
Earlier in 2020, Chinese insurers started utilizing blockchain to administer Covid-19 related demands for compensation during the outbreak. This was facilitated by Xiang Hu Bao, a blockchain powered claim disbursement system that claims to have 104 million users.
Furthermore, last December, Anthem, the second largest health insurer in the US, revealed its intention to utilize blockchain to safeguard the info of its 50 million members during the next three years.
