Xceedance, a provider of insurance consulting and managed services, has made a Series A equity investment in insurance blockchain specialist ChainThat.
ChainThat is a London-based startup, formed in 2015. It offers blockchain services provider that serves the re/insurance industry.
The company supports key areas of insurance lifecycle such as claims, accounting, settlement, billing and collections and credit control with contract management and transactional processes. It uses its proprietary insurance blockchain framework (CT-BF) for this purpose.
The company’s framework consists of an integrated business intelligence and reporting for real-time management and operational information. As a developer of blockchain and distributed ledger technologies, ChainThat develops products for commercial, specialty and reinsurance markets.
ChainThat founder and CEO David Edwards said: “We are thrilled with the strategic investment from Xceedance to help scale our company. Key to this investment stage was finding the right partner with industry knowledge and a passion for the future of re/insurance collaboration.
“With the support of Xceedance we can now focus on enhancing products to enrich a wide range of customer-centric applications. Together with Xceedance, we look forward to delivering the transformative benefits of practically deployable, decentralised blockchain technology in the insurance ecosystem.”
ChainThat claims to offer secure online transactional services specifically tailored for re/insurance operations. By partnering with Xceedance, ChainThat opines that it can enable the two companies to further push the blockchain in re/insurance adoption by developing and applying decentralised technology, data/analytics.
They can also provide services through industry-experts to strengthen business practices and policyholder services of a range of insurance organisations.
Xceedance CEO Arun Balakrishnan said: “This is a strategic alliance of two progressive companies that believe specialised services and new technologies can transform the re/insurance industry. Our scale will help to accelerate the growth of ChainThat, and our clients will benefit from the blockchain, distributed ledger technology and smart contract expertise of our partnership.
“The deep industry knowledge and technology credentials of ChainThat complement our own. Our investment in the power and potential of ChainThat is an advantageous step in the expansion of both companies.”
In May Xceedence expanded its organizations in Bermuda. Balakrishnan stated that extending its services in Bermuda is integral for enhancing its international scope and proximity for its clients across four continents.
Image: Xceedance invests in ChainThat. Photo: Courtesy of scottchan/FreeDigitalPhotos.net.