PremFina CEO, Bundeep Singh Rangar, talks to Insurance Business on how existing KYC and AML processes will allow for increased transparency on customer identity, validity, and significantly reduce existing costs through the implementation of blockchain technology.
The article also marks a new milestone in our Company history, our very first publication in Canada
“‘The KYC element, the payment element and to some degree the anti-money laundering (AML) element are all much more transparent on the blockchain, and can therefore add value and reduce costs for insurance firms. It will definitely cut down the costs of carrying out KYC and AML checks because people can’t pretend to be who they’re not . . .
For example, in the parametric insurance space – coverage like flight delay insurance, which revolves around a metric or index that’s easy to determine – claims verification and payment processing can be automatic and almost immediate. The blockchain can identify that the claimant has the right insurance policy and that the correct trigger (for example, a three-hour flight delay) has taken place, after which it will effectively turn into a Smart Contract and can process an automatic payment.'”
For the full article, head over to Insurance Business