Global business process management (BPM) services provider WNS has launched WNS VeriChain, its blockchain-enabled risk syndication solution.
WNS VeriChain, which is powered by IBM Hyperledger, addresses complexities and challenges faced by the syndicated insurance market.
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The solution enables specialty insurers to execute secure transactions in a multi-party ecosystem by leveraging decentralised ledger technology.
It also provides a ‘single view of truth’ for all stakeholders including brokers, carriers, and customers in the syndicate and helps to drive increased transparency and cooperation.
This is expected to overcome disputes and remove the need for post facto reconciliations.
WNS Group CEO Keshav Murugesh said: “At WNS, we are focused on leveraging emerging technologies like Blockchain to offer state-of-the-art digital solutions that address critical business challenges faced by our clients.
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By GlobalData“WNS will continue to make strategic investments in new-age technologies with a goal of “co-creating” solutions designed to help our clients transform their businesses and create competitive advantage in their respective markets.”
Brokers and carriers will be able to improve efficiency and profitability through end-to-end digitisation offered by WNS VeriChain.
WNS, which is a partner to more than 30 insurance and re-insurance clients, delivers a range of BPM solutions including industry-specific offerings, customer interaction services, finance and accounting, human resources, among others.
