Leading business management services firm WNS has announced the launch of its blockchain solution named WNS Verichain.
According to the firm, the blockchain solution was aimed towards achieving Risk syndication within the insurance industry. Verichain is powered by IBM hyperledger blockchain and addresses the problems facing the syndicated insurance market.
The solution seeks to leverage blockchain technology to offer a single protocol for all stakeholders in the syndicate system. This includes, carriers, brokers and the end consumer driving increased transparency within the system. This would in the long-term eliminate disputes and the requirement for reconciliation.
Also WNS VeriChain would be offering high protocol end to end digitization improving efficiency and increasing profitability. With this concept by WNS, more Insurance firms can be profitable by utilizing this solution within their ecosystem.
WNS also has decades of experience, the platform is a partner to over 25 insurance clients since its inception in 2003. The financial platform also has over 40,000 workers across 12 countries of the world.
In recent years it has led a push for digitized solutions that have been integrated within its ecosystem. WNS has also become a leading player within the finance sector offering finance, accounting, procurement, and research services to it over 300 clients across different industries.
Blockchain Technology has become increasingly adopted within financial institutions.
Blockchain technology has become ingrained within the financial landscape with several institutions adopting or creating new solutions. The Insurance sector has also seen major developments with many users paying their insurance fees in cryptocurrencies.
Payment platform UQUID had revealed last year that it was accepting insurance payments in XRP. This was a major development as persons in over 150 countries would be able to pay for their insurance via XRP.
Also digital exchange Independent Reserve also started offering insurance to users trading major cryptocurrencies on its platform. It is expected that more developments would occur in 2020 with more solutions expected to be launched in the coming weeks.