VUE Software, The Insurance Distribution Modernization Company, has funded a blockchain research project—teaming with select graduate students from NYU’s Stern College and Harvard University—on how blockchain technology can solve business issues in the insurance industry. VUE Software will gradually release the findings of this initiative within the next few weeks.
“This project was intentionally designed to work with researchers from outside the insurance industry to eliminate any preconceived bias,” said Stephen Bruno, President & CEO, VUE Software. As a part of this initiative, VUE Software worked with the B3i organization, based in Zurich, that is leading the insurance industry’s focus on blockchain.
“VUE Software is recognized as the industry leader in distribution management as well as for our thought leadership and technological innovation. Many of our clients are observing blockchain as a potential solution to some of their business issues and look to companies like VUE to deliver insight for insurance compliance and compensation.” Mr. Bruno added, “we see blockchain and distributed ledger technology as transformative for the myriad of business processes that drive and deliver insurance throughout the world. It is incumbent to us to work with our clients and partners on blockchain,” said Stephen Bruno, President & CEO, VUE Software.
“Our team was pleased to contribute to this project for VUE Software, enabling us to apply research and learning from FinTech and blockchain to real use cases in insurance. Blockchain-based applications will impact many industries, particularly insurance and finance, and we view this project as a complement to our business education,” noted Stephanie Castro, NYU Stern MBA’18 and Team Lead for the VUE Software blockchain project.
About VUE Software®
VUE Software is a single scalable platform built from the ground up for Insurers, MGAs, FMOs, IMOs, and Insurance Distributors who have outgrown their current tools and require greater automation for producer administration and sales processes. Founded by Computer Solutions & Software International (CSSI) over two decades ago, VUE Software offers configurable solutions to meet the unique needs of the Life and Annuity, Health, and Property and Casualty markets. The company leads the Distribution-Modernization movement and provides insurance organizations a solid path to revenue growth and competitive advantage, supporting multiple product types, distribution channels, and hierarchy types.
Blockchain technology provides a multi-party platform to achieve significant efficiencies by establishing a single and shared version of the truth through a distributed ledger. It also facilitates cryptographic security and the opportunity to develop smart automated contracts resulting in faster financial transactions that are more transparent, settle faster, cheaper, more transparently and with less operational risk.