(Image source: Prescient Underwriting homepage.)
Prescient Underwriting Management & Associates, (PUMA; Houston, Texas) a marine and energy risk management and insurance underwriting operation, has selected Data Gumbo’s (Houston, Texas) blockchain-based network, GumboNet, to power its risk transfer platform. With GumboNet, Prescient will enhance its insurance offerings with the cost savings and truth immutability inherent in blockchain transactions, according to the vendor. Additionally, the network will reduce the layers particular to insurance contract writing making contracts more efficient and quicker, a Data Gumbo statement says.
“Data Gumbo’s success with blockchain-based smart contracts, as well as a network for real-time risk avoidance for the global oil & gas industry, is proving a significant transformation,” comments Pascal Ray, Founder, Prescient. “When applied to the marine and energy insurance underwriting process, GumboNet yields increased operational efficiencies, contract certainty, accountability, transparency, customer service and reduced costs.”
Access to Real-Time Data
Built initially for the oil & gas industry, GumboNet is designed to free industry from building and sustaining stand-alone, in-house blockchain solutions with
an inherent lack of interoperability and neutrality, the Data Gumbo statement says. By putting its insurance program on GumboNet, Prescient will access real-time data to execute risk mitigation and loss avoidance solutions to improve industry experience, according to the vendor. Data Gumbo asserts that Prescient’s underwriting platform can provide a reduction in operational costs up to 30 percent with the potential to save companies billions of dollars in real-time loss avoidance.
“Contracts are the first step in risk management, and Prescient is adopting our network to foster accountability and transparency in the insurance business,” comments Andrew Bruce, CEO and Founder, Data Gumbo. “With a customer base in oil & gas onshore and offshore operations, Data Gumbo delivers real-time visibility that is pioneering first-of-its-kind insurance underwriting capabilities for Prescient.”
Data Gumbo provides industry with a transactional network to automate contract execution through GumboNet, which it describes a massively interconnected blockchain network. “With integrated real-time capabilities that power smart contracts, our network reduces contract leakage, frees up working capital, enables real-time cash and financial management and delivers provenance with unprecedented speed, accuracy, visibility and transparency,” a company statement says.