Company offers via blockchain at Donau Versicherung

Wien. Donau Versicherung has launched a blockchain solution in corporate business (B2B). The rest of the Vienna Insurance Group (VIG) is to follow.

Specifically, the VIG subsidiary Donau has a partnership with the Swiss blockchain start-up Versicherungsix developed a blockchain solution for submitting offers in the B2B area. For the VIG Group in Austria, this forms the basis for comprehensive digitization in corporate business, as they say.

“Blockchain is a topic that moves the industry and has the potential to change the insurance industry over the long term,” says Wolfgang Petschko, member of the Danube board: “The first-time use of this technology for capturing deals enables much faster and more customer-friendly processing from which everyone will benefit . “

The Danube is taking on a pioneering role for VIG in corporate business, with other divisions to follow. The solution will also be available to other insurance companies in the group in the future.

Where the Danube uses the blockchain

It will start specifically in the area of ​​machine and comprehensive insurance. An area that is ideally suited for the use of blockchain technology: Mobile and transportable machines are essential for many companies and at the same time have a high value – for example in agricultural or construction machinery. Specialized insurance policies are therefore taken out to protect them.

The relevant offer and the contract must be drawn up quickly in order to ensure comprehensive coverage, according to the Danube. The blockchain solution addresses the entire sales force via its own portal – field service and brokers. The valid offer can be completed after entering all relevant customer data and created in real time. With the signature of the customer and the transmission to the Danube, the insurance cover takes effect immediately.

Untrusted, but bound in the blockchain

Danube partner Versicherix has been offering blockchain solutions and real world connectivity for the entire value chain of the insurance industry since 2015. The modular micro-services platform developed for this purpose is aimed in particular at use cases in which various (“untrusted”) stakeholders are involved, e.g. in claims management, fraud prevention, underwriting, sales and the exchange and comparison of data.

Blockchain technology is intended to enable parties to create and maintain consensus on the existence, status and creation of shared information (facts). The use case of crypto money (e.g. Bitcoin) is known. In the insurance industry, this technology can be used to advantage in the diverse partner networks, according to the Danube. With the help of blockchain technology, for example, it is possible to automate complex standard processes across company boundaries in an audit-proof, data protection-compliant and cost-effective manner.

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