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22.11.2018

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    Flexible Personalised Insurance (FPI)

    GFT

    FPI taps into Internet of Things (IoT) trip data and uses Distributed Ledger Technology (DLT), or blockchain, along with insurance business information, to redefine claims management, customer engagement and risk management capabilities for the motor insurance industry, by providing a simultaneous, single immutable version of the ‘truth’ which is used by all of the organisations involved in servicing the customer’s needs.

    What customer problems did you set out to solve?

    The opportunities FPI can deliver 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. Only the specific data relating to a claim or other related activities can be acted upon, along with the appropriate or specified third parties. FPI guarantees that all relevant data is collected whilst maintaining security and privacy, enabling ‘containerised’ immutable claims records to be produced.

    What differentiates your proposition from other offerings in the market?

    FPI solves many of the current problems faced by the insurance market, with many firms still using fragmented systems or being highly dependent on human interaction to access the appropriate data with which to facilitate processes such as claims and risk management. Consolidating data to create a trusted, single ‘golden source’ of information across businesses securely and privately is still very difficult. Formalising or updating insurance policies becomes a manual and error-intensive process, providing little or no opportunity to reduce latencies and personalise the information. This severely limits a firm’s ability to get new products or services to market, creating demotivated internal teams and disenfranchised customers.

    How did you go about proving / validating that your concept has potential for impact?

    We have developed a viable working prototype with our DLT partner Digital Asset, along with the insurance firm AXA. The working model was exhibited live in front of an enthralled audience at the recent Google Cloud Next event in London.

    What’s next for your proposition?

    We believe this proposition will become a real viable product for the specific insurance company involved, but can also become a new way in which many types of financial services reliant upon data can be transformed, using a single trusted, immutable golden source of data.

    Find out more about Flexible Personalised Insurance (FPI) here

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