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Sibi:
Claims processing is a cumbersome process across the insurance industry, which still relies on paper based unstandardized documentation exchanged between different parties. R3, alongside Cognizant and Suncorp, has completed a Proof of Concept using Corda to simulate a simple workers compensation claims processing with nodes representing multiple network participants (General Practitioner, Physiotherapist, Employer and Insurer). We successfully established consensus and auto processed a claim based on parameters set forth in smart contracts.
Ring of Rosies:
The risk of pandemics is one of the most catastrophic threats to the insurance industry. Reinsurance is a common tool insurers use to manage potential claim shocks from pandemics as it allows insurers to transfer a portion of risk out of their portfolios to reinsurers' portfolios. In Project Ring of Rosies, R3 and one of the largest insurers in Asia, completed a POC showing the transaction of a pandemic reinsurance purchase and claim on ledger.
Identity: LEIA II
Increasing regulatory pressures require financial institutions to significantly enhance their KYC and on-boarding processes to meet ongoing compliance needs. R3, in collaboration with Sycnechron and 13 financial institutions, have built a decentralized KYC registry that introduces a concept of self-sovereign identity. The registry envisions participants creating, managing, and controlling access to their own identity; including the associated data and documentation.
Identity: Indigo
Self-sovereign identity technology leader Evernym and R3, concluded a study to determine the interoperability of R3’s Corda platform with Sovrin, the only distributed ledger purpose-built for self-sovereign identity. As part of the joint initiative, four R3 member banks tested the ability of Evernym’s technology to add self-sovereign identity to the Corda platform.
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