Investing in product and service innovation using emerging technologies such as, Artificial Intelligence (AI), blockchain and Internet of Things (IoT), play a critical role in enabling organisations to take the next step in their transformation.
Early adopters are rewarded with first mover advantage. The cost savings allow more competitive pricing, and the digitisation of services improves the customer experience.
The risk lies in moving too slowly. Whilst there is a lot of noise around the emerging tech space, the truth is that your industry is changing fast. Your competitors are leveraging technology to their advantage and your customers are expecting more for less.
Jumar works with organisations to investigate emerging technologies and the value that they will bring to the business.
Jumar’s Research & Development team actively investigate how embracing new technologies can help our clients.
Below are some of the Proof of Concepts that the team has worked on:
We’re looking at the issuing of documents using two flavours of blockchain – Azure Etherium and Bespoke using Cosmos. The documents and certificates are issued, registered and stored in an immutable, secure, blockchain implementation that allows ease of access for insurers, clients and authorities requiring confirmation of the validity of the documents.
Claims enter the engine and are automatically processed and settled based on the claim and the rules engine. The intention is that upwards of 90% of claims are automatically processed greatly reducing costs due to manual processing.
In this PoC, clients can offer risk out to others on the chain, where that risk can be bought and sold. Introducing blockchain technology to reinsurance practices has enormous cost-saving potential as administrative duties will be greatly reduced. At the same time, accuracy will improve and transaction speeds will be much much faster.
Call Jumar on 0121 788 4550 or contact us online today.