Blockchain startup Stratumn, in collaboration with Deloitte and the French Federation of Insurers (FFA), has announced a blockchain project aimed at streamlining inter-insurers information flows in the context of the new French regulations on customer mobility.
According to the official release, the participants have completed an experiment connecting 14 insurance companies in France using blockchain technology. The project, currently in its testing phase, aims to ensure compliance of new insurance mobility processes with new legal requirements.
“We are particularly excited to work alongside the FFA and the 26 members of its Digital Commission on this milestone project. It surely is a major moment in Stratumn’s history as we will deploy our Proof of Process technology on a large-scale experimentation involving 14 insurance companies, but it is especially an important moment in the insurance sector as the launch of this Proof of Concept marks the first concrete sector-wide blockchain initiative,” Richard Caetano, Co-founder and CEO of Stratumn said.
The platform was designed to help insurance companies streamlining their notification dispatches in the context of the Hamon Law, a French law which recently went into effect. This new regulation allows consumers to switch insurance companies at any time after the first year of coverage and requires, in some cases, that insurers complete the process within 30 days of the customer’s request.
In addition, Stratumn said that it is working towards ensuring that consumers’ data will be handled in compliance with the European Union’s General Data Protection Regulation (GDPR), which comes into effect in 2018. It is combining blockchain technology and advanced cryptography for this solution.
