Revolutionizing Financial Reconciliation: Blockchain Meets Insurance
An Indian non-banking financial company and Spydra have launched a blockchain-based solution to automate loans and insurance claims processing. This platform tracks every transaction on a permissioned blockchain, ensuring reliable data access and reducing errors and disputes. The innovation aims to expedite claims and offer a seamless reconciliation experience.
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In a groundbreaking collaboration, an Indian non-banking financial company (NBFC) and Spydra, a low-code asset tokenization platform, have unveiled a blockchain solution designed to automate loan and insurance claims. This revolutionary approach uses a permissioned blockchain network to tokenize and track every loan, EMI payment, and default event on-chain.
According to Manish Tewari, Founder & CEO of Spydra, the system replaces traditional error-prone processes with tokenized loans and on-chain workflows, creating an immutable event trail accessible only to authorized parties. This innovation results in faster claims processing, reduced disputes, and streamlined auditability.
The initiative offers a single source of truth for lenders and insurers, facilitating quicker reconciliation and operational efficiency. Built with privacy and compliance in mind, the platform aligns with India's Digital Personal Data Protection Act 2023.
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