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Business process management company WNS has launched a blockchain-based risk syndication solution that will address the complexities and challenges in the syndicated insurance market.
Called WNS VeriChain, the IBM Hyperledger-powered solution will enable specialty insurers to execute transactions in a multi-party ecosystem in a secure manner.
In its press release, WNS explained that the solution will offer a “single view of truth” for all stakeholders in the syndicate – brokers, carriers, and customers – thereby driving increased transparency and cooperation. This will help overcome disputes and eliminate the need for post facto reconciliations.
WNS is a trusted partner to more than 30 insurance and re-insurance clients, providing end-to-end solutions across the entire insurance value chain.
“WNS VeriChain offers end-to-end digitization enabling brokers and carriers improve efficiency and profitability, while enhancing the end-customer experience,” WNS said.
Keshav R. Murugesh, Group CEO, WNS, said that they will continue to make strategic investments in cutting-edge technologies in order to co-create solutions that can help WNS’ clients to transform their businesses and create competitive advantage in their respective markets.
“At WNS, we are focused on leveraging emerging technologies like Blockchain to offer state-of-the-art digital solutions that address critical business challenges faced by our clients,” he said.
Headquartered in Mumbai, India, WNS provides business process management solutions including industry-specific offerings, customer interaction services, finance and accounting, human resources, procurement, and research and analytics to re-imagine the digital future of businesses. As of Dec. 31, 2019, it had over 44,000 professionals across 60 delivery centers worldwide including facilities in China, Costa Rica, India, the Philippines, Poland, Romania, South Africa, Spain, Sri Lanka, Turkey, the United Kingdom, and the United States.
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