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Patra Corp. has launched a cloud-based insurance certificate delivery and storage system that uses blockchain technology to secure the documents, the El Dorado Hills, California-based technology company said Tuesday.
CertVault, which is aimed at brokers but can be used by any company that needs to generate a certificate, uses blockchain to prevent certificates from being altered once they are entered into the system, Patra said in a statement.
Once an insurance certificate is entered into the system, recognition technology will be used to identify key data, the statement said. Parties designated to have access to the certificate will be notified and provided with a unique access code to download the document, Patra said.
CertVault will use a database of certificate holders and brokers and the service is priced on a per upload basis, Patra said.
Switzerland-based Blockchain Insurance Industry Initiative is considering providing commercial insurance as its second line of business, Ledger Insights reported. The industry association has appointed Antonio Di Marzo as product owner for commercial insurance. The association's first project involved a reinsurance contract for excess of loss.