Ledgertech-Bharti AXA

Corda Enterprise Company: Ledgertech-Bharti AXA

Ledgertech’s Corda-based insurance solution is enabling leading Indian insurer Bharti AXA to process motor damage claims far faster, at a dramatically lower cost, and with much greater transparency for all parties. And with plans in hand to add further enhancements and extend the solution to more classes of insurance, the benefits to date are just the start.

  • Plans are already in hand to expand the platform, focusing on expanding the NCB data sharing at scale.
  • The company is currently onboarding car manufacturers so insurance companies can order spare parts directly, cutting out the “middle man” in the workshop.
  • A further route to higher efficiency and lower costs will be to introduce competitive bidding between workshops.

Pain Point

The motor insurance claims process in India is fragmented, complex, dominated by manual processes and handovers. As one of India’s leading motor insurers, Bharti AXA handles hundreds of thousands of claims every year. It is a heavily manual and time-consuming process that involves lots of paperwork, phone calls, and emails–resulting in high costs, low margins, and poor customer experience.

Solution

The Ledgertech application used by Bharti AXA integrates and streamlines the motor claims process end-to-end. First, online real-time damage reporting, with digital “proof of loss” is provided via photo evidence directly to Bharti AXA by the customer; second, an online recommendation is made to the customer of the best value Bharti AXA-approved repairers; and third, authenticated, tamper-proof data sharing is enabled on the blockchain with regulators and other insurers in respect of the customer’s no-claims credits.

The team and I were extremely impressed with the Ledgertech solution and team and their timely completion of a challenging POC within just one month.

Amitanshu Gupta (Head of New Products • Bharti AXA)

Outcome

Running Bharti AXA’s end-to-end claims process on Ledgertech’s platform, built on R3’s Corda Enterprise, significantly reduced overall claims management costs, and cut the time to complete damage assessments to minutes–rather than hours or days. Bharti AXA now plans to deploy the solution on a wider scale. The app on the customer’s smartphone provides a much-improved customer experience by relieving customers of the need to fill out paper forms or talk to a call center and giving them greater visibility into what is happening at every stage. As Bharti AXA takes the solution into production, further enhancements are planned, including industry-wide sharing of no-claims bonus (NCB) information, competitive bidding between motor workshops, and direct integration with vehicle manufacturers for sourcing spare parts.