Introducing SPARKL Smart Policies

Emerging blockchain technologies have kickstarted an industry-wide effort to cut costs and improve agilities across re/insurers’ operations. But new blockchain solutions for managing smart contracts can be hard to deliver for the enterprise.

Written as programming code, or “code-on-chain”, smart contracts can be too low-level and technology-specific for executives — and even developers, at times-to interpret and manage efficiently.

The result? The end product is more buggy and complex than ever before — only contributing to the black box swamp that exists in every enterprise. With limited support in the way of analytics, business and compliance reporting, this just doesn’t work.

SPARKL is powerful technology providing insurers with a new and efficient way of handling re/insurance contracts — the smart policy.

It provides the simple, declarative Clear Box^® modelling language which couples with the lightning fast SPARKL Sequencing Engine to provide a unique solution for the design, modelling and enforcement of smart policies.

Digitally-signed, every policy is customised to hold the terms and legal clauses you need to execute complex processes such as inwards, claims and settlements.

Developers can take any ordinary blockchain, such as Hyperledger, and quickly mode, test and deploy smart policies on the SPARKL Developer Console (above), which can be accessed from your web browser.

Designed to work with in-house and multi-party enterprise systems, you can integrate SPARKL smart policies with your preferred technology stacks — including your existing systems — for analytics and business reporting, producing an analytics-friendly audit trail secured by blockchain.

Claims & premium processing is a prime example of a reinsurance process where the use of SPARKL smart policies bring a significant benefit to the workflow — it includes a complex series of calculations with a defined order, but with varying triggers and restrictions.

SPARKL ensures:

• Underlying policies fit within the program
• Losses fall within the defined policy terms
• Processes are applied in the correct order
• Claims are applied individually or grouped appropriately
• Various policy limits are properly applied
• Any premium & claims payments required are calculated, processed and communicated
• Any remaining reserves are calculated correctly and set up in accounting systems
• The overall relationship is monitored and any resultant ledger entries are calculated and applied correctly

Any solution that accommodates this entire process should include tools for Devops, integration, reporting, audit and analytics - all of which SPARKL provides through Clear Box and the SPARKL Sequencing Engine.

SPARKL has developed a Proof of Value (PoV) programme to help reinsurers discover and assess how best to automate and monitor key parts of their insurance processes using SPARKL smart policies.

The PoV will help your company answer these questions:

• Do you really understand what you're signing?
• How do you cope with multiple blockchains?
• How do you integrate cloud and enterprise systems?
• How do you face off to legacy systems?
• How do you get full-stack analytics?

SPARKL has been integrated with a variety of blockchain solutions, including Hyperledger, Ethereum, Intel Sawtooth Lake and BigchainDB.

By applying SPARKL smart policies to your insurance processes and legacy estate, you can cut costs, reduce delays, improve claims handling across all your operations — and make blockchain work for you.

Want to know more? Drop the team an email at talk@sparkl.com — we like to talk tech! Graphics by Vector Market.