Basic Information
- Year: 2020
- Category: Insurance, Fabric, Blockchain Analytics
- Client: Insurra
- Blockchain Protocol: HyperLedger Fabric 2.1
- Network Size: 16
ABSTRACT:
Insurra, a Fintech startup, looked to Blockchain technology in 2019 to create a trustless network of insurance stakeholders. The objective was to connect insurers, customers, insurance brokers and regulatory authorities to reduce risk and increase efficiency in the traditional insurance claim settlement space.
The legacy processes in insurance claim settlement are manually intensive and siloed. This creates the potential of bias leading to higher risk, frauds and cost of operations. There is a clear need to bring transparency and trustless automation to improve the efficiency with lesser risk on insurer’s end and better customer satisfaction. Insurra seeks to transform the policy issuance and claim settlement processes for parameterized products. Starting with Crop Insurance, Insurra aims to cover various other parameterized insurance products in future.
To achieve this goal in a cost effective way with quick go to market, Insurra partnered with Zeeve, a leading Blockchain as a Service platform providing enterprise Blockchain development and deployment.
The initial focus was to build an automated claim settlement framework for weather based Crop Insurance and then expand it to other products.
CHALLENGES:
Insurra team was battling with following challenges in designing the best Blockchain solution for the given business objective:
- Selecting the best Blockchain protocol for the business purpose.
- Ensuring enterprise level support for the open source protocol and apps built on it.
- Design the deployment strategy and plan for optimal deployment of Blockchain network without building an in-house team.
- Ensure high availability, security and performance of the deployed network and nodes.
- Remove dependency on a single cloud provider for node deployment to manage the different preferences of different stakeholders.
THE SOLUTION:
Firstly, Zeeve helped Insurra team to get started with their DevOps infrastructure including HyperLedger Fabric deployment on local network, GIT integration and IDE integration. Once the development of decentralized app and smart contracts were complete, Zeeve helped Insurra to deploy HyperLedger Fabric on AWS cloud infrastructure.
The following services were provisioned for optimum Blockchain network:
- AWS infrastructure provisioning including node instances, RDS for off-chain database, and backup strategy.
- Deployment of HyperLedger Fabric 2.1 on Kubernetes cluster on AWS
- Server hardening with best practices for security
- Deployment of dApp for Insurers, Brokers and Farmers on the nodes using GIT connector.
- Sharing network invites for peers, and for organizations
- Enabled Decentralized Governance by config block based submissions
THE RESULTS:
For Insurra, time to market and robust infrastructure was very important as the platform was to be used by large insurers and brokers. The following benefits accrued as a result of using Zeeve Platform:
- Saved cost by 47% – Zeeve helped Insurra by automating the entire DevOps lifecycle and setting up highly optimized network including cloud infrastructure, Blockchain protocols, Smart Contracts and dApps.
- Better time to market by 97% – Zeeve helped Insurra launch the applications within a day, shaving off almost 3 weeks in the process. Insurra was ready in time for the Kharif season.
- Continuous Monitoring – Zeeve provides advance level monitoring of deployed nodes and networks and issues alerts and notifications removing the need for dedicated resource for upkeep of the Blockchain infrastructure.
- Enterprise Support by Zeeve Experts – Zeeve provided Blockchain experts, Full Stack engineers and architects for supporting integration with legacy systems including Claims Management System, MS Sharepoint, IoT devices, etc.
About Zeeve:
Zeeve is an enterprise-grade Blockchain-as-a-Service platform that allows developers and organizations to develop, deploy and manage Blockchain applications and networks in an automated and reliable manner. Zeeve supports multiple Blockchain protocols over all top Cloud Providers including on-premise option. Zeeve brings not only cost and time advantage but also helps companies setup a reliable and secure Blockchain network with no expertise required.