Acronis Announces Strategic
Partnership with Raxel Telematics to Empower the Insurance Industry with
Blockchain
Partnership with Raxel Telematics to Empower the Insurance Industry with
Blockchain
Technology experts team up,
bringing the insurance industry closer to the digital age
bringing the insurance industry closer to the digital age
Singapore, 4-May 2017 – Acronis, a global leader in hybrid cloud data
protection and storage, is proud to announce a new partnership Raxel
Telematics—a leading telematics services provider in Southeast Asia—that aims
to revolutionize the insurance industry through the adoption of Blockchain
technology to protect the integrity of and immutability of insurance data.
protection and storage, is proud to announce a new partnership Raxel
Telematics—a leading telematics services provider in Southeast Asia—that aims
to revolutionize the insurance industry through the adoption of Blockchain
technology to protect the integrity of and immutability of insurance data.
The new
partnership with Raxel Telematics will extend the application of Acronis’
blockchain-based solutions such as Acronis Notary™ and Acronis ASign™ to the
insurance industry and beyond, giving businesses powerful tools to validate
important data.
partnership with Raxel Telematics will extend the application of Acronis’
blockchain-based solutions such as Acronis Notary™ and Acronis ASign™ to the
insurance industry and beyond, giving businesses powerful tools to validate
important data.
The blockchain
technology market is tipped to reach $7.74
billion by 2024, in response to the companies using blockchain as an electronic
transaction-processing and record-keeping system. Distributed database
architecture, strong encryption and decentralized management make blockchain a
perfect engine to guarantee data authenticity in industries that fully rely on
the integrity of the processed data.
technology market is tipped to reach $7.74
billion by 2024, in response to the companies using blockchain as an electronic
transaction-processing and record-keeping system. Distributed database
architecture, strong encryption and decentralized management make blockchain a
perfect engine to guarantee data authenticity in industries that fully rely on
the integrity of the processed data.
“Acronis blockchain-based data verification
technology will enable insurers and businesses in other industries to verify
data integrity. In the age of raging cyber-attacks, where data has become the
primary target for criminal activity, it has a great potential to prevent
fraud, reduce data processing cost, and increase transparency,” said Serguei Beloussov, founder and CEO of
Acronis.
technology will enable insurers and businesses in other industries to verify
data integrity. In the age of raging cyber-attacks, where data has become the
primary target for criminal activity, it has a great potential to prevent
fraud, reduce data processing cost, and increase transparency,” said Serguei Beloussov, founder and CEO of
Acronis.
Blockchain technology is not
just a fancy buzzword. In a typical motor insurance scam, for example, drivers
deliberately stage or fake accidents, then make various false and illegal
claims against insurers. These so-called “crash for cash” scams cost the
industry around SG$700 million a year, according to the Deloitte Blockchain
Applications in Insurance report. Where claims are made against multiple
policies held by different insurers, it becomes difficult to detect fraud
unless cross-industry data is shared. “Smart contracts” powered by
blockchain could provide customers and insurers with the means to manage claims
in a transparent, responsive and irrefutable manner. Contracts and claims could
be recorded onto a blockchain and be validated by the network, ensuring only
valid claims are paid. For example, the blockchain would reject multiple claims
for one accident by detecting that a claim has already been made. “Smart
contracts” would also enforce the claims, for instance, triggering payments
automatically when certain conditions are met and validated.
just a fancy buzzword. In a typical motor insurance scam, for example, drivers
deliberately stage or fake accidents, then make various false and illegal
claims against insurers. These so-called “crash for cash” scams cost the
industry around SG$700 million a year, according to the Deloitte Blockchain
Applications in Insurance report. Where claims are made against multiple
policies held by different insurers, it becomes difficult to detect fraud
unless cross-industry data is shared. “Smart contracts” powered by
blockchain could provide customers and insurers with the means to manage claims
in a transparent, responsive and irrefutable manner. Contracts and claims could
be recorded onto a blockchain and be validated by the network, ensuring only
valid claims are paid. For example, the blockchain would reject multiple claims
for one accident by detecting that a claim has already been made. “Smart
contracts” would also enforce the claims, for instance, triggering payments
automatically when certain conditions are met and validated.
Within a shared economy,
usage-based models and internet of things, connected customers will demand an
improved user experience, based on digital insurance solutions. The golden
opportunity to innovate—and the real challenge lie—in introducing new service
concepts, and automating existing business processes and customer interactions,
rather than in bringing new technologies to the general insurance market.
usage-based models and internet of things, connected customers will demand an
improved user experience, based on digital insurance solutions. The golden
opportunity to innovate—and the real challenge lie—in introducing new service
concepts, and automating existing business processes and customer interactions,
rather than in bringing new technologies to the general insurance market.
“Our goal is to disrupt one
specific area at a time and address the most common risk-based problems that
our insurance customers face. Automating claims is a whole set of extremely
sophisticated products we are building in accordance with an extensive product
roadmap. Together with Acronis we are excited to provide our insurance
customers with technology solutions that will allow insurers to cut the claims
settlement period down to several minutes, or even seconds, in the not so
distant future. The release of the first product is planned for Q3 2017, “said Dmitry
Rudash, co-founder and CEO of Raxel Telematics.
specific area at a time and address the most common risk-based problems that
our insurance customers face. Automating claims is a whole set of extremely
sophisticated products we are building in accordance with an extensive product
roadmap. Together with Acronis we are excited to provide our insurance
customers with technology solutions that will allow insurers to cut the claims
settlement period down to several minutes, or even seconds, in the not so
distant future. The release of the first product is planned for Q3 2017, “said Dmitry
Rudash, co-founder and CEO of Raxel Telematics.
About Acronis
Acronis sets
the standard for hybrid cloud data protection through its backup, storage, disaster
recovery, and secure file sync and share solutions. Powered by the Acronis
AnyData Engine and set apart by its image technology, Acronis delivers easy,
complete and affordable data protection of all files, applications and
operating systems across any environment—virtual, physical, cloud, and mobile.
Founded in 2003, Acronis protects the data of more than 5 million consumers and
500,000 businesses in 145+ countries. With more than 100 patents, Acronis
products have been named best product of the year and cover a range of
features, including migration, cloning, and replication. Today, Acronis
solutions are available worldwide through a global network of service
providers, distributors, and cloud resellers.
the standard for hybrid cloud data protection through its backup, storage, disaster
recovery, and secure file sync and share solutions. Powered by the Acronis
AnyData Engine and set apart by its image technology, Acronis delivers easy,
complete and affordable data protection of all files, applications and
operating systems across any environment—virtual, physical, cloud, and mobile.
Founded in 2003, Acronis protects the data of more than 5 million consumers and
500,000 businesses in 145+ countries. With more than 100 patents, Acronis
products have been named best product of the year and cover a range of
features, including migration, cloning, and replication. Today, Acronis
solutions are available worldwide through a global network of service
providers, distributors, and cloud resellers.
About Raxel Telematics
Raxel
Telematics is a Singapore-based company that provides high-performing and fully
scalable platform for leveraging in-vehicle data collection, in-cloud data
management, and user analytics to improve the efficiency of transportation
management and safety on roads. Solid experience in the field of automotive
insurance helps us better understand how to manage a risk of car accidents and
how different patterns contribute to different road situations. Raxel
Telematics’ clientele include NTUC Income, BNP Paribas Cardiff, ERGO, Liberty
Mutual, Zetta Insurance and AXA.
Telematics is a Singapore-based company that provides high-performing and fully
scalable platform for leveraging in-vehicle data collection, in-cloud data
management, and user analytics to improve the efficiency of transportation
management and safety on roads. Solid experience in the field of automotive
insurance helps us better understand how to manage a risk of car accidents and
how different patterns contribute to different road situations. Raxel
Telematics’ clientele include NTUC Income, BNP Paribas Cardiff, ERGO, Liberty
Mutual, Zetta Insurance and AXA.
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