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.
Insurra team was battling with following challenges in designing the best Blockchain solution for the given business objective:
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:
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:
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.