The insurance industry is all about mitigating and minimising disruption from the outside world. Technology-led innovation in this space is nothing new - but the same question persists. How can we make all our systems work together efficiently?
In the next five years, we’ll likely see smart contracts being used to automate multi-party insurance policies with short and long-term risks. But smart contracts need an overhaul too. You see, typical distributed ledger (or blockchain) solutions tend to be written as programming code, making it somewhat difficult for financial and legal stakeholders to understand and deploy smart contracts at a high level. They don't offer much support in the way of analytics and business reporting either.
Enter SPARKL Clear Box® - the simple, declarative modelling language which couples with the SPARKL Sequencing Engine to provide a comprehensive solution for the design, execution and enforcement of smart contracts.
Designed to work with in-house and distributed enterprise systems, it leverages typical distributed ledger technologies, such as Intel Sawtooth Lake, to log and secure every interaction between your systems, generating a tamper-proof audit trail. SPARKL allows instant unit and transaction testing, providing the easy-to-use SPARKL Developer Console, enabling parties to use their favourite technology stacks for analytics and reporting.
With SPARKL, compliance teams can rapidly write and deploy smart contracts with complete transparency and security to meet the needs of both customers and regulatory bodies.
Download the Proof of Value to learn how SPARKL Clear Box works with Intel Sawtooth Lake to automate insurance processes with smart policies.