We recently had the opportunity to speak with Yuval Rooz, Co-Founder and CEO of Digital Asset, about our shared vision for Open Insurance. Digital Asset is a strategic partner that we are working with to build a modern platform and tools to reimagine how life and annuities are bought, sold, serviced, and experienced. Here are some highlights from that conversation:
Zinnia: Digital Asset is a key partner in building the technology platform that will enable Zinnia’s vision for Open Insurance. What does Digital Asset bring to the table and why is the partnership important?
Yuval: Digital Asset is changing how businesses interact with each other, enabling interconnected networks that ultimately reduce complexity, increase trust, and eliminate inefficiencies. We are not in the business of changing how an industry operates, we’re in business to make industries operate more effectively than they do today.
This is also a goal for Open Insurance – Zinnia is bringing real-time data sharing and transparency to make the business of life & annuities work better for consumers, advisors, insurers, and reinsurers. We share a vision for business where information flows freely – and securely – to the parties that need it, regardless of underlying systems or organizational boundaries.
As for what Digital Asset brings to the table, it’s the technology foundation that Zinnia will use to power its vision for Open Insurance. Zinnia usesis using Daml, a our smart contract core technology language for building and running sophisticated, multi-party applications. With Daml, Zinnia will be able to share real-time data updates across the insurance value chain, while keeping sensitive information private.
Zinnia: Why is Daml the right technology for the life and annuities industry?
Yuval: The insurance industry has the same struggles as other enterprise organizations with regards to the costs and risks associated with legacy systems and infrastructure. For example, the time and cost associated with data reconciliation across disparate systems and organizations is significant.
If we develop a single, authoritative source of data that can be securely shared among key stakeholders across the insurance value chain, we decrease cost, time, and risk at every step in the process. At the same time, we increase capacity, so stakeholders can process more transactions – and more policies – than ever before. This is what Daml enables by transforming disparate silos into synchronized, secure networks.
Moreover, Daml also contains smart-contract technology to clearly define the roles, responsibilities, rights, and obligations of different participants in a transaction. This is extremely important for industries where security and regulatory compliance are paramount, as is the case across the financial services sector. Using Daml, organizations can “bake in” the rules that govern the contract – and because they are smart contracts, they self execute.
Zinnia: What are the most important things that insurance-carrier executives need to know about the benefits of Daml for individual companies and the industry at large?
Yuval: The Digital Asset team is very proud of the technology that we’ve developed, but, at the end of the day, the most important thing to understand is that we are in the business of helping customers solve challenges related to legacy systems and infrastructure. Even the most forward-looking organizations struggle to overcome near-universal challenges with legacy systems and infrastructure, and this challenge is at the heart of what we do at Digital Asset.
Working with Zinnia, we’re developing enabling technology for the life and annuities industry. We aren’t changing how the industry operates or telling carriers they need all new systems. We ARE connecting existing systems in a way that simplifies and streamlines existing processes across the value chain. The result is more efficient and cost-effective workflows, faster transactions and time to market, and freeing resources to expand the market for life and annuities products.
More information on Digital Asset and Daml can be found on the company’s website: https://www.digitalasset.com/. For more information on Zinnia Open Insurance, please visit: https://zinnia.com/open-insurance/.
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