HCL, enterprise blockchain firm R3 partner to set up property insurance platform

Information technology (IT) services firm HCL Technologies has partnered with enterprise blockchain firm R3 to set up a platform that enables business customers to streamline their property insurance.

Dubbed Buildingblock, the platform helps insurance companies create a policy document by enabling real-time data flow in a cryptographically secure and immutable manner with blockchain technology, Noida-based HCL said in a statement. Enterprises can save time and effort by eliminating lengthy data sharing processes and reconciliations, it added.

According to HCL, the blockchain platform focuses on managing insurance master policies for different geographies and provides real-time visibility to all the stakeholders in the insurance domain for any amends and approvals. It reduces the turnaround time and establishes accountability and proof of records, the company said, adding that the platform also takes away some burden of pointed BPM solutions and will help companies conduct pilots or take it to production.

New York-based R3 works with more than 300 partners across multiple industries from both private and public sectors to develop blockchain applications on Corda, an open-source blockchain platform. The immutable and secure nature of blockchain prevents the risk of data loss and accountability issues.

Buildingblock is developed on the R3 Corda platform, using HCL’s blockchain practice offering CoTrust, which leverages its base capabilities to enable rapid development and deployment of blockchain applications. HCL said that the CoTrust platform offers services with features such as managed platform, end-to-end security, onboarding and structured application programme interfaces (APIs).

For the first quarter of the financial year 2020-21, ended June 30, HCL reported a marginal year-on-year growth in revenue at 1% in constant currency terms. 

In June, HCL announced a partnership with California-based manufacturing execution systems (MES) provider iBASEt to offer Industry 4.0 services to the aerospace and defence industries for digital transformation services such as connected factory processes.