Mphasis Debuts Blockchain Solutions for Insurance and Financial Services

The Chainsure and WealthChain solutions are designed to help insurers and financial services firms combine blockchain technology with enterprise capabilities to impact multiple areas of their value chains.

(Mphasis partnered with London-based Loyakk on the blockchain solutions.)

Mphasis (Bangalore/New York), a IT services and solutions vendor, has announced blockchain-enabled digital solutions, Wealthchain and Chainsure, for the Banking, Financial Services and Insurance vertical. The vendor pitches the solutions as enhancing security, efficiency and governance through which firms and their partners jointly create and deliver value and experiences to their customers.

Dinesh Venugopal, president, Mphasis Digital,

The insurance solution, Chainsure, has been designed to help insurers combine blockchain technology with enterprise capabilities to impact multiple areas of an insurance business. It includes client onboarding, underwriting, policy administration, claims administration, claims fraud management, product innovation, regulatory audit and more.

The Wealth Management solution, WealthChain, has been designed to help wealth management firms and private banks in the areas of client profiling and onboarding, investment allocation, portfolio management and trading & settlement. Wealthchain can help firms comply with AML and KYC requirements, track investment models track and report portfolio changes and get real-time views of individual account performance and variances.

Customer-Focused Blockchain-Enabled Solutions

Mphasis reports that it has partnered with Loyakk, a London-based provider of a blockchain-based business relationship platform, to build and deliver customer focused blockchain-enabled solutions for insurance and financial services markets. Mphasis says it has designed an integrated framework that provisions development of blockchain applications. The framework includes what the vendor calls a readily available integration stack that it asserts helps integrate blockchain faster and simultaneously brings stability to the transformation process.

“Financial services and insurance industries deal with enormous quantities of sensitive data. Adopting blockchain solutions that will address privacy concerns, improve security measures and deliver valuable experiences to customers is vital,” comments Dinesh Venugopal, President, Mphasis Direct and Digital. “Blockchain is a critical technology that all enterprises should strategically leverage; Mphasis continues to bring innovative solutions to customers from both within the organization as well as from the partner and start-up ecosystem.”

Vega Business Relationship Platform

Salim Ali, CEO, Loyakk, Inc.

The solutions were architected by Mphasis, informed by the vendor’s deep experience in financial services and insurance; the solution stacks also include Loyakk’s patent-pending adaptation of blockchain technology that enables the exchange of information and movement of value throughout a financial services firm’s network, according to Mphasis. The “Vega Business Relationship Platform,” for which the patent has been filed, aims to make blockchain technology work for enterprises via configuration and deployment of complex relationship structures, secure access control and multi-context interaction models.

“We are very excited to work with Mphasis to build and deliver robust solutions built on latest transformative technologies for the financial services industry,” comments Salim Ali, CEO, Loyakk, Inc. “Both Chainsure and Wealthchain solutions are designed to be delivered as full stack blockchain solutions that incorporate multiple levels of services to drive secure and efficient interactions enhanced by blockchain technology.”

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Anthony R. O’Donnell // Anthony O'Donnell is Executive Editor of Insurance Innovation Reporter. For over a decade he has been an observer and commentator on the use of information technology in the insurance industry, following industry trends and writing about the use of IT across all sectors of the insurance industry. He can be reached at AnthODonnell@IIReporter.com or (503) 936-2803.

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