Galileo Platforms is a platform technology company serving the insurance sector. Using blockchain technology we connect participants in the insurance ecosystem enabling them to deliver a straight through, digital client experience.
Our platform drives efficiency through the entire value chain by having a central source of encrypted client and contract data that the distributor, insurer and reinsurer all use with permissioned access.
Permissioned private blockchain for all participants including brokers, banks, insurers, reinsurers and other parties
Participants operate nodes on the network and can only see their transactions
Regional platform with registration on a country by country basis
Structure of over 90 smart contracts interoperating on the blockchain
APIs to abstract users from the blockchain
Oracles to deliver services and automate status changes
Reflector: Database and user interface for insurers and distributors
Smart contracts on an Ethereum blockchain
Encryption using the Quorum fork
Sub-second blockbuilding using rafting for consenus
Traditionally, banks and insurers have a complicated relationship with the distribution of insurance products. Our blockchain solution provides a platform for real-time transactions and transparency in data exchange.
Insurance brokerage companies have been facing difficulty in managing multiple insurers in terms of underwriting and commission settlement. Our platform creates an ideal environment for a standardised process and a single source of truth for all parties in the ecosystem.
Simplified Medical Claims Processing
We provide a platform for multiple insurers and health service provider to perform health claim processing. The automatic policy search and treatment triaging capabilities allow efficient and effective claim handling, creating faster claim settlement.
Reinsurer and insurer rely heavily on periodic reconciliation of records with lack of real time information of the transactions. Reinsurers are able to make use of our platform to retrieve data at any point of time for risk management analysis and tracking of claims processing.
Insurers and Reinsurers
Scalable and economical revenue growth with lower distribution & transaction costs.
New types of distributors to offer a full digital experience and attract new clients.