Synechron, Inc, the global financial services consulting and technology services provider, has won the global ACORD Case Study Award for 2018. Synechron’s Insurance Claims Processing Accelerator was honored with the award at an event in New Orleans, the firm has announced.
ACORD’s Case Study Award recognized organizations which have demonstrated how the implementation of ACORD Standards and/or Architecture have significantly improved their business processes. Exhibiting its innovation in InsurTech and success in implementation, Synechron was recognized in this award category for its Blockchain-based Insurance Claims Processing Accelerator.
Synechron recognized that insurance claims handling has many pain points for both customers, which the process proves to be cumbersome and time-consuming, and insurance companies, for which the processes can be very expensive. Synechron developed its Blockchain Accelerator for Insurance Claims Processing to address these complaints and challenges. The Accelerator removes the need for customers to submit a formal claim and insurers to administer them – a distributed database coupled with smart contracts enable auto-execution of the claims handling processes based on independent and trusted authoritative source data. For example, if a customer’s insured mobile phone is stolen, the loss would be transparently verified and paid, without their submitting a claim or the insurer administering it.
By automating the insurance claims handling process, Synechron was able to present a solution to reduce operational costs and fraud losses while strengthening the customer trust in the insurer. Because of blockchain’s immutable nature, it allows for an environment of trust where subjectivity, biases, and commercial influences are taken out of decision-making.
Ashish Nangla, Senior Director at Synechron, said: “We are honored to receive another recognition from ACORD for our Blockchain Accelerator for Insurance Claims Processing. It is a testament to all of the hard work, industry expertise, transformation and innovation we are committed to at Synechron. We are constantly looking at how we can help evolve the industry and create real solutions for real challenges we see with our clients and the wider industry, using the most cutting-edge techniques and technologies.”