LiquidX Announces InBlock Digital Policy Management for Trade Credit Insurance
The trade credit insurance ecosystem loses over a billion dollars annually due to process inefficiencies, lack of transparency, and human error. InBlock Digital Policy Management leverages blockchain technology, AI, and machine learning, allowing market participants to reduce risk, increase efficiency, and scale through automation.
New York, NY – October 21, 2021 – LiquidX, the global fintech solutions provider for working capital, trade finance, and insurance, continues to break new ground with market-changing trade credit insurance technology. After pioneering the world’s first digital trade credit insurance platform, LiquidX today announced the launch of its InBlock Digital Policy Management pilot for trade credit insurance. This solution leverages Distributed Ledger Technology (DLT), smart contract technology, and AI, integrating trade credit insurance policies into financial workflows for the first time and automating critical policy management and compliance processes.
LiquidX partnered with a financial institution and a corporate to design a solution that automates the management of multi-buyer and single-buyer insurance programs while maximizing the effectiveness and user experience of this innovative technology.
“This is a watershed moment for trade credit insurance. We built InBlock to do the hard work of digitizing and automating manual processes across the entire working capital ecosystem. Trade credit insurance, which has traditionally been user-intensive and not integrated into finance systems, is a great use case for InBlock,” said Jim Toffey, CEO of LiquidX. “Five years from now, we will look back and wonder how policies were ever managed prior to InBlock Digital Policy Management.”
Digitizing an insurance policy on InBlock creates a self-executing smart contract allowing brokers and their clients to confirm coverage eligibility at the invoice level, authenticate debtors, and automate the manual and resource-heavy day-to-day policy management and compliance processes. The result is unparalleled insight and transparency into a policy, or portfolio of policies, while providing the tools to manage all components of insured transactions in one centralized platform, regardless of geography, product, or broker.
“The challenges of the past two years have emphasized the need for a coherent digital strategy, and clients are demanding more from their brokers and insurers. Our InBlock Digital Policy Management solution not only increases efficiency and scalability for all constituents, but more importantly, the transparency it provides mitigates operational risks across the value chain. Insured parties and their lenders gain confidence a policy will perform, insurers gain a real-time view of actual value at risk, and brokers benefit from reduced E&O exposure by the automation of critically important policy compliance requirements,” said Todd Lynady, Managing Director; Global Head of Insurance at LiquidX.
Inblock Digital Policy Management will be released to the wider market in early 2022.
