Further cementing ourselves as thought leaders on blockchain in the insurance space, PremFina CEO Bundeep Singh Rangar speaks to Bethan Moorcraft of Insurance Business UK on how blockchain will create efficiency for brokers, provide more tailored policies for their customers, and the optimisation of insurance.
The publication is also featured in Insurance Business US. Apart from our successful funding announcement picked up by multiple international publications late last year, this marks PremFina’s first article in an overseas publication – a sure sign of our aspirations and exciting growth to come.
Excerpt from Insurance Business UK:
“Insurers and brokers can use blockchain technology to transform the way they handle, process and preserve data. Business transactions can be conducted between parties in real-time, with much more certainty and lower costs.
Moving forward for brokers, blockchain is a tale of optimisation and efficiency, according to Bundeep Singh Rangar, CEO of London-based financial software firm PremFina.
‘Take the example of a broker selling home insurance. Look at what’s happening in the home with regards to smart meters and IoT connected devices collecting and recording data about the home,” he said. “Homeowners can have smart meters monitoring water leaks to prevent water damage, and air monitors that can pick up high levels of carbon monoxide and prevent potential fire damage.
‘All of the data points recorded by smart meters and IoT devices can be kept on the blockchain. Over time, that will allow for more efficient pricing of a person’s home insurance based on the data they’re supplying on their house. Data preserved and recorded on the blockchain is very transparent and indisputable, and it can enable a more tailored insurance service.'”
For the full article, click here