Stratumn, the leading provider of consortium blockchain technologies reinventing inter-business relationships, announces today the completion of a blockchain experimentation connecting 14 insurance companies in France.
Built in partnership with the French Federation of Insurers (FFA) and with the support of professional services firm Deloitte, this project, which is now in its testing phase, aims at streamlining inter-insurers information flows in the context of the new French regulations on customer mobility (Hamon Law).
Stratumn leveraged its expertise of consortium blockchain networks and cryptography to work alongside French insurers and Deloitte in testing new insurance mobility processes to comply with new legal requirements. Insurance mobility is the process by which consumers switch carriers, and is subject to various regulations covering the insurance sector.
Stratumn developed an industry-wide platform that enables new types of collaborative applications to be deployed and scaled.
The project, piloted by the FFA and supported by Stratumn’s technology, is the most advanced blockchain experimentation in the insurance sector in Europe.
It was designed to help insurance companies streamlining their notification dispatches in the context of the Hamon Law, a French law which recently went into effect. This new regulation allows consumers to switch insurance companies at any time after the first year of coverage and requires, in some cases, that insurers complete the process within 30 days of the customer's request.
In addition, Stratumn is working towards ensuring that consumers’ data will be handled in compliance with the European Union’s General Data Protection Regulation (GDPR), which comes into effect in 2018.
This solution is made possible by Stratumn’s unique combination of two technologies:
• Blockchain technology provides a shared and secure data repository to all stakeholders while reducing dependency on trusted third parties. Insurers can rely on the Proof of Process Technology to arrive at a consensus about the existence, nature, and evolution of a process.
• Advanced cryptography guarantees privacy and confidentiality of all process data, and limits information disclosure to the strict minimum required to complete the cancellation process.
Richard Caetano, Co-founder and CEO of Stratumn stated: “We are particularly excited to work alongside the FFA and the 26 members of its Digital Commission on this milestone project. It surely is a major moment in Stratumn’s history as we will deploy our Proof of Process technology on a large-scale experimentation involving 14 insurance companies, but it is especially an important moment in the insurance sector as the launch of this Proof of Concept marks the first concrete sector-wide blockchain initiative. We strongly believe that this technology, coupled with advanced cryptography techniques, can help streamline inter-enterprise processes to benefit all involved parties.”