A Land record ecosystem consists of multiple parties. Some of the business processes like Buying/Selling, Loan processing and Mutations span across multiple parties located in geographically distant locations. Stockholding Insurance Blockchain Services (SIBS) makes it easy to set up and operate a Land Record Blockchain.
- Application submission in both manual and digital method.
- Supporting document scrunity along with scorecard for each application.
- Organize scrunity committee and capture committee proceedings.
- Issue of Demand note for Land premium and statutory charges.
- Issue of Allotment order post demand payment.
- Agreement and Handover process.
- Collection of statutory dues with interest accumulation for overdue.
- Distinct workflow depending upon type of allotment.
- Document management integration for processing of the applications.
- Finance integration for all payments.
- Stockholding Insurance Blockchain Services (SIBS) is available for multiple insurance products viz. Life Insurance, Health Insurance, Motor Insurance, Travel Insurance and Rural Insurance.
- You can use SIBS Migration Service to easily migrate your existing policies to SIBS
- Insurance Information Bureau (IIB) is promoted by IRDA. IIB provides a single platform for data analytics and insights. IIB collects reliable, accurate and timely data from Insurance companies towards efficient functioning of the insurance sector as well as protection of policy holders. SIBS will significantly complement the IRDAI and IIB services in their missions, thereby increasing quality of its services.
- Key areas where Blockchain will benefit IRDAI and IIB are
- Increase Transparency,
- Improved Regulatory Reporting,
- Automating Anti-Money Laundering/Countering the Financing of Terrorism (AML/CFT) monitoring.
- Key areas where blockchain will benefit Insurance Companies
- Increase effectiveness in fraud detection
- Improve Efficiency while Settling Claims of Common Man
- Improving Quality of Service by Smart Contracts
- All IGRs and Registrar office
- Revenue Departments
- All Insurance companies