INSURANCE & REINSURANCE

Alemi application offers an embedded motor insurance solution in which an insurance company delegates binding authority to another entity, which is a car manufacturer. The car manufacturer uses the app to create and issue policies for the cars the company is selling. The insurance company delegates authority to the car manufacturer to create and issue policies using a Binder, which acts as a blueprint for the insurance policies.

The team which developed this project used Corda, a private blockchain that shares data only with the parties involved in the transaction, unlike public blockchains, which broadcast transaction data to the entire network. Distributed Ledger Technology (DLT) was used to ensure the consistency of the data shared between the participants of the Corda network.

Because the insurance policies contain private data about the policyholder and the insured vehicle’s driver, the team had to deal with data encryption. For this requirement, a new Azure Cosmos Database was created in which the sensitive data is saved encrypted. When sensitive data needs to be shared with the transaction between 2 parties, it is also shared as encrypted data, and only the participant in the transaction can decrypt it. RSA (Rivest–Shamir–Adleman) and AES (Advanced Encryption Standard) were used as asymmetric and symmetric encryption algorithms.

The Alemi application has a web interface that allows users (insurance companies and car manufacturers) to create binders and insurance policies and negotiate them easily and quickly. The project started one year ago. The first version was released successfully, and the team is now working on the next release requirements.