Swedish tech start-up Haidrun debuted an enterprise blockchain platform targeted at insurers and reinsurers.
Haidrun’s private blockchain platform is pitched as eliminating suspicious and duplicate transactions by securely and chronologically logging each event, document or transaction. Once verified, actions are cryptographically sealed into “data blocks” and they become immutable, making it possible to verify authenticity by providing accurate, secure and transparent records.
Haidrun said it can also create smart personalized contracts for fast and secure claims processing, payments and reimbursements. For reinsurance, private blockchain technology can deliver accurate reserve calculations based on current contracts to provide greater insight as claims are paid. This delivers highly accurate data to help reinsure and rebalance exposures against specific risks with a far greater degree of surety, the company said.
The Haidrun platform is a non-open source, flexible and scalable private blockchain, built on an advanced architecture that uses artificial intelligence engines. It removes much of the complexity of public blockchain, and unlike public blockchains, where there is no entity in charge and anyone can interact with the blockchain, private networks retain control, eliminate illicit activities, provide a high degree of regulation and avoid variable costs and performance fluctuations associated with public platforms, explained the company in a statement.
The global market for blockchain in insurance is expected to grow to over 1 billion by 2023, according to Accenture statistics quoted by Haidrun.
Haidrun was founded in 2019.
*This story ran previously in our sister publication Insurance Journal.