A team of 25 engineers from FinDEVr veteran PwC have completed a blockchain prototype designed to improve efficiency within London’s speciality insurance market. The Belfast, Ireland-based effort took six weeks and sought to show how the blockchain could help better manage interactions between claims process participants including brokers, claims approvers, and third party administrators.
“This proof of concept demonstrates the potential for efficiency and the elimination of error and duplicated information,” Steve Webb, financial services blockchain leader at PwC said. “It shows how blockchain can reduce costs and speed up the claims process in the London Market, allowing experts to focus on more value-add complex claims.”
Pictured (left to right): Daragh Morrissey, Strategist, Microsoft, and Grainne McNamara, Principal, PwC Capital Markets, during their FinDEVr Silicon Valley presentation, “Blockchain Proof of Value in Trade Finance.”
Developed for the London Market Target Operating Model (TOM) Innovation Exchange, the trial featured smart contracts that automatically approved claims that met pre-set conditions, lowering costs and increasing speed of processing. Claim and invoice creation, and the approval and rejection of invoices were among the automated processes made more efficient by the introduction of blockchain technology.
Founded in 1849 and headquartered in New York City, PwC is known as one of the “Big Four” auditing firms (along with FinovateEurope 2017 sponsor KPMG, Deloitte Touche Tohmatsu, and Ernst & Young). But as the company demonstrated in its appearance at our developer’s conference, FinDEVr last fall, PwC has made major commitments to fintech innovation in general and blockchain in specific. The company’s new U.S. Fintech director, Geraldine Balaj told CoinDesk in August “service providers, asset managers, financial institutions, and clearing firms” were all working on distributed ledger-oriented projects with PwC. In October, during its FinDEVr Silicon Valley presentation, Grainne McNamara, Principal on PwC’s Capital Markets team and Daragh Morrissey, a Strategist with Microsoft, discussed how blockchain technology can improve business processes in trade finance.