PremFina: Thought Leaders on Blockchain in the Insurance Space

With publications in CityAM, The Telegraph, Insurance Times and Insurance Business, PremFina is confidently cementing itself as a thought leader on blockchain in the insurance space. PremFina also celebrated a company milestone and had its first article go out in an overseas publication, Insurance Business Canada and US.

Please see below, a list of all our articles on blockchain from this year…

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‘The insurance industry needs to embrace blockchain, starting now‘

“Blockchain will make the cost of reinsurance processes and claims cheaper . . . The currently expensive offline process of selling to the high-net-worths and family offices that fund reinsurance and allocating a portion of a portfolio to investors will be replaced. Secure, automated distribution and payments will be held via blockchain and triggered by smart contracts. The premium is paid, and the reinsurer gets their share immediately.“

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‘How Blockchain Could Change the Insurance Industry’

“Your flight from London to Nice is delayed by four hours. This is verifiable by the airport authority and the airline. You bought flight insurance. This is confirmable via your insurer and by yourself. Given the delay, you are now entitled to claim insurance compensation.

Now imagine both these facts were recorded on a public database at the outset . . . This information was publicly accessible and verifiable, making the two facts undeniably true. Next, imagine a smart piece of computer programming automatically triggered the compensation payment due to each owner of a flight insurance policy – within minutes of the flight delay. Welcome to the world of BlockChain insurance.“

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‘Blockchain “unlikely to remove anyone from the industry chain‘

“The introduction of blockchain in insurance could turn the “legacy-led industry” on its head – if it can just get past its initial fears, says a UK premium finance firm.

While many are wary of the technology, blockchain could improve efficiency and is unlikely to edge anyone out of a job in the process, according to PremFina.”

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‘ICOs offer a brave new world to the insurance sector‘

“Over the next two days, more than 7,000 insurance professionals, brokers and entrepreneurs will converge on Manchester for BIA – one of the industry’s flagship conferences. For the first time, there will be an innovation zone – at which the incumbents can rub shoulders with the “insurtech” start-ups that, in some case, are trying to eat their lunch.

This is a really positive step, but it must be noted that the insurance industry is very late to the “innovation party” and, in particular, is late on blockchain, which could have transformative effects.

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‘GDPR and policyholder security on the blockchain’ on Insurance Times’

“With General Data Protection Regulation (GDPR) in effect since May, regulators have clamped down on how organisations use and store customer data, writes Bundeep Singh Rangar (pictured) PremFina chief executive.

GDPR places legal obligations and pressures on organisations to maintain records of personal data and the manner in which such data is accessed and processed. This framework places more legal liability on organisations should any private customer data be breached. How then, can organisations ensure they don’t fall foul of GDPR?

Blockchain holds the key – literally.”

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PremFina has also had two new articles out in Insurance Business that have made their way to both the Canadian and US publications.

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‘The blockchain insurance broker: a tale of optimization and efficiency’

“Blockchain has incredible potential in the insurance industry. At a fundamental level, it enables the transfer of value to an immutable record-keeping technology, which could increase efficiencies across all levels of the insurance value chain.

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 optimization and efficiency, according to Bundeep Singh Rangar, CEO of financial software firm PremFina.”

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‘Insurance gains to be made by using blockchain infrastructure’

“The blockchain lends itself really well to insurance KYC checks,” Rangar said. “If a customer’s ID is recorded in the blockchain, it’s very easy to verify. Likewise, if their digital wallet (used to accept and process payments via the blockchain) is linked to that account, again that confirms the customer is who they say they are.

“The KYC element, the payment element and to some degree the anti-money laundering (AML) element are all much more transparent on the blockchain.”

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With our success and achievements taking a step forward, we are happy to announce we will also be discussing blockchain at our fireside chat at Insurance2025 on September 4th at St. Pauls. We look forward to seeing you then!

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