WNS, a business giant specializing in global Business Process Management (BPM), announced the inception of a risk syndication solution powered by blockchain technology known by the name, WNS VeriChain.
WNS is touted to be a partner to over 30 insurance as well as reinsurance clients providing best in class and holistic solutions via the value chain for insurance. They conceptualize and construct high end and innovative business prototypes that are designated to disrupt the Contemporary insurance industry. The basic technologies they use include advanced analytics, deep domain expertise, technology, and automation etc. that enable their clients to drive an authentic business transformation.
Embedded with IBM Hyperledger, the solution is designed to address the intricacies as well as challenges in the syndicated market of insurance.
The press release released by the company writes,
The basic concept of the solution is expertise for the deep domain in the Insurance as well as the Reinsurance Sector. The solution uses the decentralized distributed ledger technology in order to power specialty insurers with the ability to perform secure transactions through a multi-party environment. It provides a single point of source to all the administrators of the syndicate such as carriers, brokers, customers, etc. giving them enhanced transparency along with cooperation. This further will help them tackle the disputes and eliminates the requirement of reconciliations post facto.
WNS VeriChain provides an end-to-end framework for digitization, letting brokers as well as the carriers to improve effectiveness and profitability for the customers boosting the user experience.
Keshav R. Murugesh, Group CEO, WNS, said that,
