Digital offerings in the
Ubirch and Avenga
present new solution
for verifiable IoT Data
and insurance backends
The international IT service provider Avenga and the IoT security technology specialist Ubirch have combined their know-how in a strategic partnership to create a solution for secure IoT data that is particularly suitable for the insurance industry. In the future, insurance companies will be able to easily connect their legacy systems to Ubirch's award-winning IoT blockchain technology and – based on that – offer their customers new products.
Through this cooperation, the two companies are creating the basis for new solutions and products for their customers. IoT is one of the biggest trends for up and coming parametric insurance and for improving the claims management process. In addition, connecting IoT components to existing IT systems of insurance companies is still a major problem in everyday life. With the integration of Ubirch into Avenga's API gateway couper.io, data from IoT sensors - e.g. in containers, in machines/vehicles or in buildings – can, in future, be easily connected to existing systems. The Ubirch technology ensures that the sensor data is digitally sealed directly at the time of acquisition. As soon as the IoT data arrives in couper.io, it is verified there using its digital signature and forwarded to the insurance backend. In the ideal case, a completely digitized claims processing is then carried out. For example, an automatic indemnification bankwire to the claimant can be carried out.
Stephan Noller, CEO of Ubirch: "Digitization and IoT have created a high pressure for change across all industries. The benefits of new technologies outweigh the costs of successfully working on product and process improvements. In our view, a secure IoT infrastructure will ensure optimized and digital claims processes and the introduction of parametric insurance in the Industry 4.0 environment. The use of sensor data will significantly increase the efficiency of processes that are still often manual today".
Jan Webering, CEO of Avenga: "In environments with historically grown IT landscapes, the implementation of complex technology projects often takes a long time. Time that the increasing pressure to change does not allow. With our technology we bundle the interfaces of different systems and significantly reduce the effort for the integration of new solutions and data sources into existing infrastructures. This gives insurers the technical flexibility they so urgently need to automate their processes and develop customer-specific offerings".
The increasing availability of more and more sensor data opens up promising opportunities for claims management and loss prevention, but also for new parametric insurance products. In order to transfer this potential into daily practice, it is essential that the parties involved can trust the underlying data one hundred percent. This is exactly where Ubirch and Avenga create a joint solution to provide processes with the highest degree of trust from the very beginning and to make integration into existing systems simple and fast.
Ubirch is the specialist for blockchain-based security technology in the field of IoT with locations in Cologne, Berlin and Munich. The team consists of experienced specialists in cryptography, blockchain and data-driven business models. Consisting of an extremely lightweight client for sensor firmware and the matching cloud backend, Ubirch's "Blockchain for Things" solution enables military-grade data protection to deliver new business models for IoT. The Ubirch solution works similar to sealing a contract at the office of a sworn-in notary. The seal can still be broken and the contract changed but not without leaving traces (tamper evidence), and if these traces are detected, the original document can be retrieved from the notary’s archive for comparison. Innovative cryptography and blockchain technologies guarantee the trustworthiness of IoT data. While most other IoT security solutions focus on securing the transmission channel and/or the device, Ubirch focuses on securing the IoT data-packets individually. The advantage and USP of this approach are pervasiveness, warranted authenticity and order of sequence as the security is attached to the data-packets with these interlinked in a blockchain. They are always secured – even if they have been transmitted over non-secure channels. Ubirch technology - deployable as software or on SIM-cards - is aimed primarily at customers in the industrial, smart cities, insurance, IoT start-ups, energy supply, homeland security and logistics segments.
Since 2019, Avenga has united the innovative power and implementation competence of the four IT specialists Sevenval, IT Kontrakt, CoreValue and Solidbrain under one roof. The company has the technological expertise of over 2,500 experts at 18 locations in Europe, Asia and the USA. With projects along the entire digital value chain, from strategy to the implementation of software, user experience and IT solutions, including hosting and operation, Avenga accompanies corporations and large medium-sized companies in their digital transformation. More than 350 clients from the pharmaceutical and healthcare, real estate and automotive, finance and insurance, media and retail industries rely on Avenga. Further information: www.avenga.com
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