ICICI’s Life Insurance plans to Leveraging Blockchain

ICICI PruLife has said that the comapny was looking at leveraging blockchain technology to resolve claims faster.

Puneet Nanda, Deputy Managing Director, ICICI Prudential Life Insurance, told the media daily, “We have done several things on the digital front to make it simpler and easier for customers. The next big thing we propose to do is with Blockchain. We are working on that for claim settlement.”

Nanda added that he hoped that the insurance industry would grow.

Earlier, the bank had carried out the transaction on its blockchain network on a custom-made blockchain application, co-created with EdgeVerve Systems, a wholly owned subsidiary of Infosys.

On the ocassion, Chanda Kochar, MD & CEO, ICICI Bank had said, “ICICI Bank has a rich legacy of leveraging the latest technology to bring in new paradigms in banking. Akin to pioneering new technologies in the country like software robotics, mobility and near-field communication among others, I am delighted that we are the first bank in India and among few globally to set up a blockchain application. We have also marked a milestone by piloting a blockchain network with Emirates NBD as a partner and have successfully executed cross-border open account trade finance and remittance transactions. I envision that the emerging technology of blockchain will play a significant role in banking in the coming years by making complex bilateral and multi-lateral banking transactions seamless, quick and more secure.”