Buying assets such as houses through mortgages or getting an insurance cover for your needs is always a cumbersome task that is full of hurdles along the way, be it with systems in place or not grasping the way things work. For the latter, brokers come to the aid of all those in need of an insurance cover or mortgage. However, along the way, the brokers themselves also face hurdles due to having opaque or outdated systems which don’t match to current demands in the industry.
Despite all the drawbacks of current systems, Acre software a blockchain startup based in the UK has come up and channeled its funds together with resources to revamp the systems in place. Through securing £5 million worth of funds from two firms Sesame Bankhall Group (SBG) and Aviva, Acre now has enough resources to hack the two sectors combined and revolutionize how business is done through blockchain technology.
Problems Blockchain Technology Will Sort
First and foremost, blockchain will help match the processing speeds of end-user services with the speeds of brokers. Previous brokers faced hurdles along the way when making back offices transactions to seal the mortgage or insurance deals. Besides that, the implementation of blockchain into the industry will help improve services delivery. In addition to the above, blockchain will help revert control of the systems to the service providers/advisers who in this case, are brokers. Blockchain will merge all the processes into one and give brokers control through putting in place a decentralized distributed ledger which is unchanged, incorruptible and easily accessible. The latter will be one seamless system with brokers having control which will enable them to provide faster services to consumers. Besides that, blockchain technology comes with numerous features which include a high level of security, and tamper-proof records mistakes will have to be corrected through reentering new data with previous info not deleted. Moreover, brokers will have one seamless connection in every department linked to one. The latter will make providing services to customers very easy.
Apart from just providing funds, Acre Sesame Bankhall Group (SBG) brings to the table other benefits. It has 11,000 advisers across the UK, and per Owler figures SBG makes around $4.5 million annually in terms of revenue. The latter network and experience of the market will help Acre spread its wings further. In addition to providing funds sources in the known claim, the two firms made another deal.