Sofocle’s Insurra wins the Technoviti award 2019 in the Blockchain Fintech Category

2018 was an extremely eventful year for ‘Sofocle Technologies with the company bagging several awards and accolades for their innovative products. The year 2019 promises to be even better with company winning the prestigious Technoviti awards 2019 in the Blockchain category right in the beginning of the first quarter. The company won the award for its robust market ready product ‘Insurra’ that allows fully automated claims settlement based on Insurance Agreements as Smart Contracts.

Adding yet another laurel to their winning hat, the company stands tall amongst its counterparts by being one of the most innovative Companies in the Blockchain space. The company’s market ready product ‘Insurra’ was chosen to be the most innovative Blockchain based product amongst all the contenders.

Ever Since its inception in 2017, the company has managed to rise through every challenge by carving a niche for itself in the Blockchain arena. With the steady mindset of achieving innovation in everything they do; the company has traversed a challenging yet fruitful journey by achieving several milestones and creating new benchmarks.

‘Insurra’, which is company’s market ready product is designed specifically for the insurance industry. The product aims to minimize paperwork by providing a platform to the insured, insurer and other participants to resolve issues related to claim settlement. This Blockchain powered autonomous claim payout system utilizes smart contracts functionality of Blockchain to minimize hassles involved in manually collecting and storing documents and processing claims.

Speaking on this Achievement, Dr. Ravi Chamria — Co-founder and CEO Sofocle Technologies, said

“Insurance domain is ripe for disruption with Blockchain, AI/ML and other emerging technologies. The Insurra product uses Smart Contracts, IoT and AI for disrupting the claim process. Winning Technoviti 2019 is not just an accomplishment but a beginning towards the creation of a pragmatic business ecosystem.”