Galileo Platforms

An Introduction

Disrupting Insurance with Blockchain

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.

Blockchain Solution for Insurance

New channels and segments

Reduce errors and costs

Efficient product innovation

Accurate data and analytics

Direct, digital sales channel

Engagement with startups

introduction

features

Key Features

Insurance Platform on a Blockchain

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

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

Platform Components

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

Ethereum

Smart contracts on an Ethereum blockchain
Encryption using the Quorum fork
Sub-second blockbuilding using rafting for consenus

Fees

Set up and subscription fees
Transaction fees

features

Use Cases

How it Works

Sample use cases

Bank Distribution of Insurance Products

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 Aggregators

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.

Reinsurers

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.