Stratumn Completes Blockchain Trial in European Insurance Sectorbr>
Blockchain startup Stratumn has successfully completed a blockchain trial connecting 14 insurance companies in France.
Stratumn is a network technology company that partners with large organizations to secure their critical process data. The company’s Proof of Process Technology enables traceability, transparency, and data integrity, thus reducing costs and complexity of the interactions between partners, customers, auditors, and regulators.
The project, created in collaboration with Deloitte and the French Federation of Insurers (FFA), aims at streamlining inter-insurer information flows in the context of the Hamon Law, a French law which recently went into effect. The new French law allows consumers to switch insurance companies at any time after the first year of coverage and requires, in some cases, that insurers complete the process within 30 days of the customer’s request.
Using blockchain and advanced cryptography, the solution provides a shared and secure data repository to all stakeholders while reducing dependency on trusted third parties. Insurers can rely on the Proof of Process Technology to arrive at a consensus about the existence, nature, and evolution of a process. The solution also guarantees privacy and confidentiality of all process data, and limits information disclosure to the strict minimum required to complete the cancellation process.
The solution is also intended to handle buyer information as specified by the EU’s General Data Protection Regulation (GDPR), which comes into effect next year.
“We are particularly excited to work alongside the FFA and the 26 members of its Digital Commission on this milestone project,” said Richard Caetano, co-founder and CEO of Stratumn. “It surely is a major moment in Stratumn’s history as we will deploy our Proof of Process technology on a large-scale experimentation involving 14 insurance companies, but it is especially an important moment in the insurance sector as the launch of this Proof of Concept marks the first concrete sector-wide blockchain initiative. We strongly believe that this technology, coupled with advanced cryptography techniques, can help streamline inter-enterprise processes to benefit all involved parties.”