(Image source: ChainThat.)
Xceedance (Boston), a global provider of insurance consulting, managed services, technology and data science-related services, has announced a multi-million dollar Series A equity investment in ChainThat, a London-based blockchain specialist organization serving the re/insurance industry.
Using a proprietary insurance blockchain framework (CT-IBF), ChainThat supports re/insurance contract management and transactional processes in key areas of the insurance lifecycle including claims, accounting and settlement, billing and collections, and credit control, according to a statement from Xceedance. The ChainThat framework includes integrated business intelligence and reporting for real-time management and operational information.
ChainThat develops products for the commercial, specialty, and reinsurance markets, and markets secure online transactional services for re/insurance operations. Xceedance investment aims at enabling the two companies to drive the adoption of blockchain in re/insurance by developing and applying decentralized technology, data/analytics, and consulting services to a wide range of insurance organizations, according to Xceedence.
“This is a strategic alliance of two progressive companies that believe specialized services and new technologies can transform the re/insurance industry,” comments Arun Balakrishnan, CEO, Xceedance. “Our scale will help to accelerate the growth of ChainThat, and our clients will benefit from the blockchain, distributed ledger technology and smart contract expertise of our partnership. The deep industry knowledge and technology credentials of ChainThat complement our own. Our investment in the power and potential of ChainThat is an advantageous step in the expansion of both companies.”
In addition to the investment by Xceedance, ChainThat will have access to Xceedance global resources, including insurance-expert business and technology consultants, industry-knowledgeable IT professionals, business development and support services, Xceedance reports.
Ability to Scale
“We are thrilled with the strategic investment from Xceedance to help scale our company,” comments David Edwards, ChainThat founder and CEO. “Key to this investment stage was finding the right partner with industry knowledge and a passion for the future of re/insurance collaboration. With the support of Xceedance we can now focus on enhancing products to enrich a wide range of customer-centric applications. Together with Xceedance, we look forward to delivering the transformative benefits of practically deployable, decentralised blockchain technology in the insurance ecosystem.”