F E AT U R E S
Industry Innovators Interview:
Blocksure After observing other insurance systems being designed with little thought for the consumer, Ranvir Saggu, CEO, took the chance to make it right. Founded in 2016, Blocksure focuses on the customer while also providing ‘exceptional back office processing’ for the industry. Modern Insurance caught up with Ranvir to discuss the next steps for Blocksure.
How would you describe Blocksure?
Customer expectations have changed over the last 20 years and consumers now seek the best user experience - digital is taken as a given. At Blocksure, we always ask ourselves if the industry is delivering to their expectations. Can it do better? We want to be seen as an enabler that allows brokers, MGA’s and insurers to innovate and deliver for their policyholders through a digital customer-driven approach. We have spoken to numerous brokers, MGAs and insurers who want to build new innovative products and they all tell us the same thing - either their current technology does not deliver or it is too expensive to build. We have created a platform focused on overcoming this and now brokers, MGAs and insurers can have access to technology to develop products just like many of the insurtech businesses that grab the limelight, alongside being much more efficient in their existing product lines.
Blocksure understands insurance and its problems due to our extensive insurance industry experience, but that doesn’t mean we will solve all of the problems! We have created an insurance platform (Blocksure OS) using cutting edge
‘blockchain’ technology. We have focused on how our technology can solve some of the industry’s biggest problems and then worked with the sector to ensure it meets their needs. We are solving real problems. I firmly believe that the customer needs to be put at the centre of everything the industry does. Technology should allow brokers, MGAs and insurers to focus on the value added activities that deliver for their customers whilst technology takes care of the hygiene issues.
What makes Blocksure different from other start-up companies? Our insurance expertise. Being an enabler - wanting to help existing players to deliver for their policyholder.
Our technology – using blockchain technology to solve so many key problems that exist across insurance processing: double keying, accounts reconciliation, bordereau management, etc. Blocksure has focused on using our insurance expertise, understanding where the most immediate problems are in the insurance sector and as a result we have a clear direction of travel. Blocksure works closely with customers and prospects to build and develop the product.