Xceedance, the provider of insurance consulting, managed services, technology and data sciences, announced a multi-million dollar “Series A” equity investment in ChainThat, a London-based blockchain specialist company serving the re/insurance industry.
While the amount of the equity investment was not released, Xceedance said in an emailed statement that it is “investing enough money to support a road map for product development for the next three years and also for large scale implementations.”
Using a proprietary insurance blockchain framework, ChainThat supports re/insurance contract management and transactional processes in key areas of the insurance lifecycle including claims, accounting and settlement, billing and collections, and credit control, explained Xceedance in a statement.
The ChainThat framework includes integrated business intelligence and reporting for real-time management and operational information.
As a startup in blockchain and distributed ledger technologies, ChainThat develops products for the commercial, specialty, and reinsurance markets, said the statement, noting that ChainThat provides secure online transactional services specifically tailored for re/insurance operations.
Its partnership with Xceedance enables the two companies to drive the adoption of blockchain in re/insurance by developing and applying decentralized technology, data/analytics, and industry-expert services to strengthen the business practices and policyholder services of a wide range of insurance organizations.
“This is a strategic alliance of two progressive companies that believe specialised services and new technologies can transform the re/insurance industry,” said Arun Balakrishnan, chief executive officer at Xceedance.
“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,” he said. “Our investment in the power and potential of ChainThat is an advantageous step in the expansion of both companies.”
In addition to the investment by Xceedance, ChainThat will have access Xceedance global resources, including insurance-expert business and technology consultants, industry-knowledgeable IT professionals, business development and support services.
“We are thrilled with the strategic investment from Xceedance to help scale our company,” said David Edwards, ChainThat founder and chief executive officer.
“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,” Edwards continued. “Together with Xceedance, we look forward to delivering the transformative benefits of practically deployable, decentralized blockchain technology in the insurance ecosystem.”
With offices in the U.S., the U.K., Poland and India, Xceedance partners with insurers to launch new products, drive operations, implement technology, and deliver analytics capabilities and process optimization.
ChainThat was formed in 2015 by a group of London-based insurance technology experts, with the aim of transforming insurance markets using blockchain, distributed ledger technology and smart contracts. The solutions of ChainThat cover placing, contract management, facilities, accounting and settlement and claims agreement, all utilizing industry standards such as ACORD.
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