LONDON — A leading provider of regulatory technology for blockchain, Coinfirm, has integrated it’s blockchain based “Trudatum” solution into one of the largest insurance companies in Poland, Link4. Trudatum increased efficiency and decreased costs through a chain of custody and data provenance solution that also helps handle regulatory requirements for companies. Link4 is the first insurance company on the market providing its clients with public documents using a durable medium created on the basis of blockchain technology.
The solution allows institutions to transfer to their clients electronic documents with a guarantee of their immutability and indelibility in time and facilitates communication and reduces the need to send paper correspondence. For Link4 clients and the general public it provides an online service for the presentation and verification of documents that have been published on the insurer’s website. “Trudatum” is already successfully used by major financial institutions such as the largest bank in Central Europe PKO Bank Polski which has already had over 5 million clients receive documents registered in “Trudatum” and has incurred millions of dollars in savings. Created on Hyperledger’s Fabric, Coinfirm also collaborated with Poland’s National Clearing House KIR on the Link4 integration.
Paweł Kuskowski, Coinfirm’s CEO
“The implementation of our proprietary “Trudatum” solution puts LINK4 as a leading innovator in the insurance industry not only in Poland, but also in the world. We are pleased with another implementation for a sector leader and shows that the extensive use of solutions based on blockchain technology provides organizations with specific benefits and strengthens their competitive advantage. And we have more projects such as this slated!”
Thanks to the implemented solution, customers can check the authenticity and integrity of documents on both LINK4 and KIR websites at any time, using a special hash (ID) consisting of a series of numbers and letters. The whole process takes only a moment and does not require logging in.
Agnieszka Wrońska, President of the Link4 Board.
“For a long time, we’ve been focusing on modern and secure solutions, and this undoubtedly fits with blockchain, which guarantees the permanent saving of documents without the possibility of editing them. It is a benefit for our clients who will always find documents such as the product card or general insurance conditions in the same place, in unchanged form. Such solutions, in principle, increase document security in the digital world, which today penetrates to other areas of our lives”
The transmission of relevant information and documents using a durable medium is a requirement of the Office of Competition and Consumer Protection, UOKiK. UOKiK considers the solution as a durable medium that gives the customer the certainty that the document has not been and will not be edited, and also allows access to it even after the contract has expired.
The adoption of Trudatum by the leader of direct market insurance in the region shines a light on how blockchain based solutions are effectively entering major European players through innovators such as Coinfirm.
About Link4
LINK4 TU SA is the leader of the direct insurance market in Poland. It launched its operations in January 2003, as the first company to sell motor insurance exclusively via phone and Internet. LINK4 offers motor, housing and tourist insurance to individual customers. Its business model is based on phone and Internet distribution of policies and centralized individual premium calculation. Both of these sales channels are available to and targeted at every driver in Poland. As a result insurance prices offered by LINK4 are often lower than those from traditional insurance companies.
