WNS Launches Blockchain-based Solution VeriChain For Insurance Syndication

Sandeep  |  Feb 2, 2020

Popular Business Process Management company WNS has released a press release announcing the launch of Blockchain-based WNS VeriChain, a Risk Syndication solution. The blockchain solution would help in addressing the complexities and challenges that the syndicated insurance market has been facing. It would allow speciality insurers to execute transactions in a multi-party ecosystem securely. WNS has been providing business process management solutions in Mumbai. It has more than 30 insurance and reinsurance clients and delivers solutions for the entire insurance value chain.

VeriChain Would Encourage Transparency and Cooperation

WNS said in its press release that the solution would deliver a single source of truth for the different stakeholders within the ecosystem, which includes the service providers, intermediaries, and their clients. The VeriChain solution developed by WNS would use the IBM Hyperledger as an underlying blockchain ecosystem. Thus, it would result in enhanced transparency and cooperation. WNS further noted in its press release that it would leverage its expertise in the insurance and reinsurance domain to enable VeriChain in dealing with disputes and eliminating the need for post facto reconciliations.

WNS to Continue Making Strategic Investments in New-age Technologies

The CEO of WNS Global, Keshav R. Murugesh, said that the company was determined to leverage emerging technologies like blockchain. He said that it would help provide state-of-the-art digital solutions to find answers to complicated issues that their clients found in their businesses. He further noted that WNS would continue making strategic investments into the latest technologies, which would help the company build solutions that can help their clients transform their businesses and give them a competitive edge over others.

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