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Certificial LLC has launched an online insurance verification platform insurers and brokers can use to share policy information for clients, New York-based Certificial said in a statement Thursday.
Certificial customers, known as requesters, can enter specific insurance requirements and track details regarding receipt of insurance, endorsements, policy limits and duration, the statement said. Compliance alerts are automatically provided to all stakeholders should issues arise.
Certificial uses distributed ledger technology, widely known as blockchain, to put all three parties — requesters, insureds and insurance providers — on the same platform.
The goals are reduced operational costs, better service for clients and real-time compliance monitoring, the statement said.
Certificial is backed by private equity and Adjoint Technologies LLC, Certificial's technology partner for blockchain and software development, according to an email from a spokeswoman.
“The process of submitting certificates of insurance is an operational expense and a logistical headache that has frustrated and slowed down our industry for decades,” Certificial CEO Peter Teresi said in the statement.
B3i Services AG, the Zurich-based blockchain consortium targeting the insurance sector, on Wednesday named John Carolin as CEO.