Blockchain can help to make multinational insurance programs more efficient and effective

Improving the world of multinational insurance programs (MIPs) can be a tough task. These programs are essential in providing comprehensive insurance coverage across multiple countries, yet they face numerous challenges in efficiency and effectiveness. One key issue is to coordinate a vast network of local insurers, often managed through emails, paper and spreadsheets. The sector is ready for disruption, with new entrants eager to challenge existing MIPs on cost and service, but the complexity of these programs often makes it difficult to be profitable and slows down efficiency.

The aforementioned challenges are the reason why Beyond Multinational Programs (BMNP), a revolutionary digital platform designed to transform the way insurers manage and coordinate their MIPs was created. BMNP is an innovative platform which enables insurers to not only connect their own global companies but also to seamlessly integrate third-party fronting partners. This integration creates a unified, single point of insurance delivery that suits the diverse needs of international corporations, whether they engage directly, through brokers, or as captives.

BMNP’s will reduce operational costs, enhance timeliness and responsiveness, and foster better client service. This results in increased profitability, growth, and improved relationship with clients. Developed by experts in insurance technology, BMNP provides different key features: It is faster and provides clients with faster and more certain response times. The platform was designed with in mind to give businesses as much flexibility as possible. It also enhances connectivity with network partners. The platform acts as a single source of truth for all parties, ensuring that information and process status are accurate.

What are the different features of the platform ?

Functionalities such as “Connect” revolutionizes partner integration. This allows for an effortless configuration of new partners, a digital connection of local and master policies for accurate coverage, as well as an easy integration with internal systems through APIs and connectors.

Video source: ChainThat’s youtube channel

The “Engage” feature ensures consistency and speed through identification of issues, the possibility to set up alerts for quick intervention as well as an easy way to share documents and data.

Video source: ChainThat’s youtube channel

Lastly, the “Control” feature allows partners to plug into your platform, using data segregation for security, and new partners can quickly and seamlessly be integrated in the platform.

Video source: ChainThat’s youtube channel

Overall, BMNP is not just a tool; it’s a game-changer for the insurance industry, redefining the way multinational insurance programs operate and thrive in a complex and global world.

• Allows to gain time and reduce capital expenditure through the elimination of multi-party operational inefficiencies
• Automate internal processes
• Fosters transparency and reduces risk exposure
• Enhance data quality and minimize errors
• Bolster communication between businesses

Main challenges of the industry:

• Operations in the insurance industry are complex and costly
• Communication process are mainly analog, therefore they take more time and are not efficient, costing a lot of money to businesses
• Scaling issues

Through the BMNP solution, ChainThat aims to provide the following solutions to the aforementionned challenges:

• Provide a single-source-of truth where data is immutable. This fosters trust and makes B2B communication easier and faster
• Improve internal and operational efficiency as well as reduction of cost and faster proccesses through automation
• Reduce erros and enhance data quality by streamlining data exchange
• Promotes seamless integration and collaboration with network partners