The insurance sector needed a fresh approach to data that would ensure the highest levels of compliance and reduce costs.
Stratumn worked with the French Federation of Insurers (FFA), 14 leading insurance companies in France, and Deloitte to build a highly effective, experimental solution that allows its members to efficiently and securely manage the customer mobility workflow.
New Legislation, New Demands
Signed into law in 2016, Loi Hamon rebalanced the power between insurance professionals and consumers, making it effortless for home and auto insurance policy holders to switch at any time after one year of coverage.
The law formalized the process through which the customer’s new and old insurance companies would transfer the policy, and specified the legally required timeframe for this process to take place.
To keep up with these strict new requirements, insurance companies were relying on outdated solutions such as the French Post’s Electronic Registered Mail service to exchanges messages.
These solutions’ limitations were causing serious issues:
No workflow management. Providers couldn’t track workflow, automate steps in the process, or streamline data validation.
No real-time traceability. Insurers couldn’t see the full picture, making it harder to make informed decisions fast.
High operational costs. Each message cost several euros, and there were further costs associated with data entry and error handling.
The Stratumn Solution
An Industry-Wide Platform
We introduced an industry-wide platform which leverages our Proof of Process protocol to provide end-to-end traceability, enabling all stakeholders to securely access a single shared version of the truth in real time.
Requests are made and recorded in a distributed ledger and data is entered along a predefined workflow. These proofs are sent to the blockchain network, maintained by multiple insurers. Strengthening compliance still further, authorities and regulators also have the potential to oversee and maintain the network.
A New Form of Trust, For Everyone
This completely digitized process harnesses the power of blockchain to validate shared workflows between insurers, customers and regulatory bodies.
With a single, shared source of truth, all stakeholders now have the information they need to make confident business decisions, improving process and benefiting everyone.
Businesses can access actionable insights in real time, regulators can perform real-time audits, and policyholders can enjoy enhanced peace of mind.
We successfully deployed a cutting-edge experiment with Stratumn and Deloitte, securing inter-insurer data through Blockchain technology. Jihane KHOUZAIMI, Digital Innovation Project Manager, FFA
We’re excited to work alongside the FFA and the 26 members of its Digital Commission on this milestone project. We strongly believe that Stratumn’s technology can help streamline inter-business processes to benefit all involved parties – business partners, competitors, customers and regulators. Nicolas Julia, VP OPERATIONS, Stratumn
Masterminding GDPR compliance
Dramatically improving customer mobility was just the beginning for the FFA, Deloitte and Stratumn. Right now, we’re working towards ensuring policyholders’ data is handled in compliance with the European Union’s General Data Protection Regulation (GDPR), coming into effect in 2018.
Read a more detailed write-up of our work with FFA in our blog article