The Insurance Corporation of Barbados Ltd (ICBL) today announced an agreement with Bitt, the Caribbean digital payments company will deploy blockchain technology solutions for ICBL to boost efficiencies on behalf of customers.
The partnership includes strengthened compliance monitoring and reporting, the issuance of insurance claims using blockchain technology, and increased automation of client information. One client-facing component of the agreement is a new digital payment solution using Bitt’s mobile wallet app, mMoney. ICBL customers will be able to make secure payments using their phones and have convenient access to payment history.
“We have sought input from our customers and have paid attention to their responses and their needs. They expect convenience from us at all points of interaction and they are specifically asking for a menu of payment options that’s accessible worldwide. Another key feature of this particular app that is attractive to us, is the ability to potentially accept and convert regional digital currencies; that’s huge.”
All components of the agreement would be backed by an anti-money laundering (AML) Compliance System, Know Your Client (KYC) Compliance System, a Financial Operations Management Panel that enables financial operators to monitor company activity and Bitt’s Management System that is designed to maintain product data and ensure data integrity.
“At our core, Bitt is a FinTech company. ICBL has selected solutions from our suite of products and services that has the capacity to utilize ledger technology to positively impact its operations. It’s a great opportunity to showcase our range of capabilities. For the customer, this is all mainly back-end, behind the scenes stuff – but it will result in greater efficiencies for ICBL, all adding to improved customer experiences.”
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