London-GFT, the global provider of business, IT and software services to the financial services community, is showcasing the Flexible Personalised Insurance (FPI) offering at the Google Cloud Next conference in London. FPI shows how to tap into the enormous potential of advanced driving data generated by Internet of Things (IoT) trip data. By using Distributed Ledger Technology (DLT), or blockchain, and combining this data securely and privately with information from various internal and external stakeholders of insurance business processes, FPI will help to redefine claims management, customer engagement and risk management capabilities across the entire motor insurance industry and address many of the other data management challenges that beset this particular sector.
• IoT trip data consolidates advanced vehicle information • Created with Digital Asset's Distributed Ledger Technology (DLT), hosted on Google Cloud Platform • First public showing at Google Next London on Thursday 11th October 2018
Data underpins every business transaction and providing access to trusted, immutable data sources is the key to continuing business success. FPI is written in DAML, the Digital Asset Modeling Language, and is underpinned by the Digital Asset Platform, which synchronises DAML workflows across stakeholders in order to align business processes. The solution taps into the power of DAML to ingest and process advanced vehicle IoT trip data. This will enhance overall business performance and transform the customer service experience.
The opportunities FPI represents for the insurance industry are wide and varied. Apart from accelerating the ability to create customised offerings based on personalised preferences, it also provides highly secure data distribution capabilities based on trusted and permissioned datasets. This means that only the specific data relating to a claim or other related activities can be acted upon along with the appropriate or specified third parties. In all cases, FPI guarantees that all relevant data is collected while maintaining security and privacy, enabling 'containerised' immutable claims records to be produced. This ensures robust, accurate reporting, facilitating faster, highly cost efficient claims settlement capabilities. Additionally, all users will be fully compliant and productivity will be transformed, thereby achieving significant cost savings.
David Creer, technology and innovation lead at GFT said: "Far too many insurance firms are still using fragmented systems or are highly dependent on human interaction to access the appropriate data with which to facilitate processes such as claims and risk management. This means consolidating data to create a trusted, single 'golden source' of information across businesses securely and privately is still very difficult. This, in turn, makes formalising or updating insurance policies a manual and error- intensive process, providing little or no opportunity to reduce latencies and personalise the information. This also severely limits a firm's ability to get new products or services to market in line with changing customer demands. The result is a disjointed, unsatisfactory experience which is complex and unnecessarily expensive, creating demotivated internal teams and disenfranchised customers."
FPI demonstrates how by combining GFT's deep domain expertise, together with fit for purpose distributed ledger technology, it is possible to develop invaluable solutions that will transform the way all businesses operate. This is potentially game-changing, particularly when aligned with the aspirations of motor insurance providers that can further leverage the enormous potential of advanced vehicle IoT trip data. With the insurance industry on a mission to eliminate manual processes and overhaul data management, the FPI offering clearly shows how these important objectives can be achieved.
Chris Church, Chief Business Development Officer, Digital Asset said: "The FPI use case illustrates how distributed ledger solutions transform the quality and variety of services insurance firms can provide their customers. Our work with GFT addresses costly inefficiencies and operational challenges by using smarter technology to streamline business processes and encouraging future innovation on distributed ledger platforms."
David Collins, managing director, GFT UK commented: "The Insurance sector, along with the rest of the financial services industry is reinventing itself on almost a daily basis as they undertake wholesale technology estate and business transformation programmes. FPI is just one example of how a tripartite ecosystem such as this can deliver real value to this important community. Harnessing the power of Digital Asset's distributed ledger technology, underpinned by GFT's deep domain experience, hosted on GCP is an unbeatable combination. This provides many new possibilities for change that were once just figments of our collective imaginations. Exciting times."
Collaboration with key partners is a great example of how GFT's new technology focussed approach is working across multiple sectors for our clients; delivering collaborative teams that drive enhanced customer value, utilising new technology and innovation.