Altair Integrated Services, an industry-leading IT consulting service provider, focuses on delivering technology innovation and strategic optimization through Consulting Services and Top-Tier Talent Delivery. Based in the northeast, Altair specializes in insurance and financial service industries.
Disparate Processes Halting Progress
The client at a large reinsurance organization developed decades of technology systems with complex landscapes. This led to disparate processes across all insurers and intermediaries forcing them to carry unnecessary inefficiencies and cost. Some transactions and settlements can take months as a result. They also faced issues with third-party interactions, lack of data quality, complex system transaction hand-offs, delay in sharing information with relevant parties, duplicate entry of data, and the list continues.
Integrating Blockchain for Industry Disruption
Altair provided the client a turn-key solution to modernize not only technology, but the business process, with Blockchain integration and a new product model platform. Blockchain benefits the client in many ways including faster transactions at lower costs, better data quality and process integrity, and maximum reliability. Blockchain allows for the client to make secure and trusted, authorized transactions to occur instantaneously between parties. Altair also helped to facilitate incubation with Blockchain to develop a New Product Model platform. Blockchain technology allowed for radically reduced costs of issuing a policy, US$1 or less. This allows the customer to explore new and exciting product solutions in areas such as micro-funding, the sharing economy, micro insurance, scaled reinsurance, internet of things, and more. Innovation in the approach to growth.
Simplifying Transactional Processes
With Altair’s implementation of Blockchain integration, the client can now avoid third-party interactions, provide maximum quality data, share information with other parties instantaneously, and no longer manage duplicate entries of data or human error. With insurers heavily relying on transactional relationships Blockchain was a stellar move that placed the company ahead of its competitors allowing for industry disruption.
With our deeply skilled consulting team of industry experts, we partner with clients to optimize their operations, grow their businesses, and help them innovate at pace.
Through our staffing and talent placement practice, we leverage our top-tier network and proven talent acquisition process to efficiently support your organization by augmenting its talent resources.