Leading Indian Life Insurers Partner with Cognizant to Develop Industry-Wide Blockchain Solution for Secure Data-Sharing and Improved Customer Experience
Cognizant (Nasdaq: CTSH) and a consortium of leading Indian life insurers — comprising SBI Life Insurance, Max Life Insurance, Canara HSBC OBC Life Insurance, Edelweiss Tokio Life, IDBI Federal Life Insurance, Birla Sun Life Insurance, HDFC Life, Kotak Life, Tata AIA Life, PNB MetLife, IndiaFirst Life Insurance, ICICI Prudential Life Insurance, Bharti AXA, Aegon Life, and SUD ( Star Union Dai -ichi) Life Insurance — today announced that they have developed a blockchain solution to facilitate cross-company data-sharing. This will enable the insurers to reduce the risk of data breaches, fraud and money-laundering, while delivering superior experience to customers through improved process efficiency, better record-keeping, and accelerated turnaround time. The solution, developed late last year as part of a collaborative blockchain program undertaken by the consortium, is among the consortium's first distributed ledger initiatives. Built on Corda, a distributed ledger platform...