Policybazaar, a leading insurance web aggregator, has reportedly shown its interest in adopting Blockchain Technology to bring reformation in its services. The report also stated that Policybazaar has joined with Accrivis Network Pvt. Ltd., a data integration platform provider, to implement blockchain solutions.
The main idea behind the partnership is to provide a time-effective and tamper-free environment to the customers. The company also intends to reduce data theft issues and efficiently record transactions in the ledger system.
Moreover, in former systems, customer redressal takes longer duration due to the involvement of various IT Systems which takes time to process. This creates ian ncrease in the uniformity of data issues, as the company reported. Hence, the time taken during reconciliation and solving operational issues creates an uncomfortable environment for the consumers.
Regarding this, Ashish Gupta, CTO of Policybazaar and CEO, docprime.com, explained that blockchain has a bright future. Moreover, the company also aims to simplify the process of buying and selling insurance in a secured manner. He explained that this will work to address consumer issues with a time-bound manner.
Furthermore, the technology can help various industries to communicate with each other and improve their efficiency. Blockchain offers the opportunity to secure the data by uploading information into blocks which are immutable and time-stamped in nature and are transferable by a single network. This can lead to reduction in the losses faced by the Indian Insurance industries.
Jignesh Vasani, CEO of Accrivis Network Pvt. Ltd. has also stated that blockchain acts as a truth serum for industries as it will improve the security and reduce data conflicts and unavailability. With this initiative in mind, Policybazaar, expects to shorten turnaround time and provide lower processing fees to the customers.