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Blockchain-based app aims at broker customers

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A blockchain-based platform to help broker customers catalogue and register assets and valuables has been released.

The DayByDay (DBD) platform aims to make it easier to prove ownership and have claims paid quicker and tackles the risk of being underinsured.

“By having visibility of assets captured, brokers will be able to discuss the correct sum insured and coverage requirements for current and ongoing needs,” Chief Sales Director and Industry Insurance Adviser Scott Wilford says.

“Market research shows that 85% of customers remain underinsured. DBD will assist this issue [by] providing a consolidated point for customers to store all their assets in one place.”

Melbourne-based IT business Asta Solutions developed the product after experiencing two claims caused by water damage that caused equipment damage and impacts on their customers due to business interruption.

Mr Wilford says the DBD platform can be rebranded for brokerages, helping to reinforce the value they can bring to customers.