Synechron Wins Insurance Software of the Year Award for Blockchain Accelerators Thursday, March 30, 2017 - New York
Synechron Inc., a global financial services consulting and technology services provider, today announced it has won Continuity Insurance and Risk (CIR) magazine’s Best ‘Insurance Software Award’ at the 2017 Commercial Insurance Awards. The award recognizes Synechron’s innovative work building blockchain applications that solve complex challenges related to insurance claims processing transparency, and fraud.
The 4th Annual Commercial Insurance Awards showcase excellence within business insurance and the organizations that are leading the way in innovation and performance. Winners were selected based on a judging panel including senior-level insurance and risk professionals.
Synechron was recognized for its work in applying blockchain to address the complex claims and contract management process for insurers. Insurance firms grapple with the multifaceted and manual contract and claims process, as well as the ever-increasing threat from fraud. To make this more transparent and efficient, Synechron has developed a blockchain accelerator for insurance claims processing to record and validate policy contracts and claims, thereby unlocking much-needed efficiency, transparency and security. The application helps businesses to use blockchain’s Distributed Ledger Technology (DLT), smart contract functionality, and digital payment capabilities to dramatically increase transparency and reduce insurance claims fraud.
“The insurance industry faces many complex challenges, with an ever-greater need to reduce inefficiency and tackle fraud. At Synechron, we’re always evaluating how businesses can apply new technologies and address these challenges, helping our clients to remain at the forefront of the industry. We’re delighted that this approach and has allowed us to drive forward continued innovation in the insurance industry,” comments Ashish Nangla, Senior Director of the Insurance Practice at Synechron.
Synechron is a global consulting and technology organization providing innovative solutions to the financial services industry through its three main business focus areas: digital, business consulting, and technology. Based in New York, the company has 16 offices around the globe, with over 7,000 employees producing $400M+ in annual revenue. For more information on the company please visit the website or our LinkedIn community.
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