BRIDGETOWN, Barbados; October 2, 2018: In a move to increase efficiency on behalf of its customers, the Insurance Corporation of Barbados Ltd (ICBL) has entered into an agreement with Bitt Digital Inc. (Bitt) to utilize blockchain technology solutions.
“The partnership agreement includes strengthened compliance monitoring and reporting, the issuance of insurance claims using blockchain technology, increased automation of client information and convenient payment and merchant solutions,” summarized Rawdon Adams, Bitt’s CEO.
“At our core, Bitt is a FinTech company. ICBL has selected solutions from our suite of products and services that has the capacity to utilize ledger technology to positively impact its operations. It’s a great opportunity to showcase our range of capabilities,” Adams added.
“For the customer, this is all mainly back-end, behind the scenes stuff – but it will result in greater efficiencies for ICBL, all adding to improved customer experiences,” Adams explained.
One customer facing component of the agreement is the introduction of a new digital payment solution using Bitt’s mobile wallet application.
Through the mMoney Mobile Wallet application, ICBL customers would be able to make secure payments using their phones and have access to payment history
“We have sought input from our customers and have paid attention to their responses and their needs. They expect convenience from us at all points of interaction and they are specifically asking for a menu of payment options that’s accessible worldwide,” said Geoff Scott, ICBL’s Managing Director and CEO in explaining the company’s decision.
“Another key feature of this particular app that is attractive to us, is the ability to potentially accept and convert regional digital currencies; that’s huge,” Scott noted.
All components of the agreement would be backed by an anti-money laundering (AML) Compliance System, Know Your Client (KYC) Compliance System, a Financial Operations Management Panel that enables financial operators to monitor company activity and Bitt’s Management System that is designed to maintain product data and ensure data integrity.
“Both companies are proud of our Bajan roots; it is a pleasure to ‘shop local’ and look to a company that has received international accolades for its innovation, to help take us into the future,” Scott stated.
In photos – Geoff Scott, Managing Director and CEO of ICBL and Rawdon Adams, CEO of Bitt Inc, as they sign a blockchain solution based agreement at Bitt’s Head Office.