Polygon (formerly Matic) has teamed up with Infosys Consulting to launch a new project designed to transform user experience in the insurance industry.
The company, which forms a layer 2 solution for Ethereum, looks set to roll out distributed ledger technology (DLT) through M-Setu—an open-source Ethereum bridge and hybrid blockchain on course to disrupt the insurance sector.
The news emerged in a company tweet earlier this month. M-Setu is a PoC (proof-of-concept) which targets entrenched problems in the multi-trillion-dollar industry. Its first application is called InsureChain.
Solving insurance industry problems
As reported by BTC Manager, InsureChain—the first application built on the new M-Setu platform—will facilitate seamless porting of insurance policies between providers.
Other innovative use cases are lined up to boost user experience. These include peer-to-peer (P2P) blockchain insurance along with fraud mitigation and KYC/AML processes.
Polygon is speeding up the transformation already under way in the insurance industry, with early adopters of blockchain investing heavily in underwriting and claim processing.
The potential of blockchain in the insurance space
According to Deloitte, blockchain technology has enormous potential to reduce costs, enhance risk assessment and improve client onboarding across the insurance sector.
New blockchain processes and platforms are exposing inefficiencies inherent in the industry, the consultancy claims. They are shaking up these pain points, providing real-time solutions to multiple challenges.
Blockchain services can:
- Provide trusted, verifiable provenance
- Boost policy transparency
- Enable sharing with trusted third parties
- Improve accuracy of pricing
- Offer digital smart contracts
- Capture verifiable information
- Facilitate more efficient information exchange
- Improve risk profiling
- Improve overall user experience
Smoother, easier functions can overhaul the entire user journey—from claim registration to assessment, payment and closure.
What Polygon brings to the table
Matic Network kicked off in 2017 with a focus on improving Ethereum infrastructure. It aimed to move towards mass blockchain adoption by making it easier for organisations to use and integrate Ethereum
Now Matic is becoming Polygon, Ethereum’s Internet of Blockchains. The $MATIC token remains, but Polygon will address the implementation problems and lack of structure which are barriers to wider Ethereum adoption.
Polygon describes itself as the first well-structured, easy-to-use platform for Ethereum scaling and internet development—with all the benefits of the Ethereum network but greater mobility, security and power.
It seems just a matter of time until blockchain and insurance become synonymous.