Poland’s Link4, the nation’s leading direct insurance provider, recently announced a partnership with Krajowa Izba Rozliczeniowa (KIR), Poland’s national clearing house, and Coinfirm, a blockchain analytics and Anti-money Laundering (AML) company. The firms will provide transparent and immutable access to documentation using blockchain technology.
This will allow institutions to transfer client electronic versions of documents, with all of the benefits that stem from using the technology, including immutability, authenticity and timeliness. As a result, processes will forego the use of paperwork, greatly reducing the time taken and increasing efficiency. The announcement makes note of other Polish entities using blockchain technology, including the PKO Bank Polski and BNP Paribas Bank Polska.
The solutions provided include being able to check the authenticity and integrity of documents on both LINK4 and KIR websites at any time, without the requirement of logging in.
Piotr Alicki, President of the Management Board of KIR, said of the initiative,
LINK4 is the first insurance company that will use our durable carrier solution in blockchain technology to communicate with clients...Blockchain has huge potential in the insurance industry, generates real savings and ensures compliance with restrictive regulations. We are convinced that LINK4 customers will also appreciate the digitization of correspondence and the ability to verify the invariability of documents.
Agnieszka Wrońska, President of the LINK4 Board, is optimistic about the potential of blockchain to bring great changes,
For a long time, we've been focusing on modern and secure solutions, and this is undoubtedly the blockchain, which guarantees permanent saving of documents without the possibility of editing them. It is primarily a convenience for our customers, who will always find documents such as the product card or general insurance conditions in the same place, in an unchanged form. Such solutions, in principle, increase document security in the digital world, which today penetrates to other areas of our lives.
The KIR durable medium was designed in cooperation with IBM, and is based on the Hyperledger Fabric technology.