Prescient Underwriting Management & Associates, (PUMA; Houston, Texas) a marine and energy risk management and insurance underwriting operation, has selected Data Gumbo’s (Houston, Texas) blockchain-based network, GumboNet, to power its risk transfer platform. With GumboNet, Prescient will enhance its insurance offerings with the cost savings and truth immutability inherent in blockchain transactions, according to the vendor. Additionally, the network will reduce the layers particular to insurance contract writing making contracts more efficient and quicker, a Data Gumbo statement says.
“Data Gumbo’s success with blockchain-based smart contracts, as well as a network for real-time risk avoidance for the global oil & gas industry, is proving a significant transformation,” comments Pascal Ray, Founder, Prescient. “When applied to the marine and energy insurance underwriting process, GumboNet yields increased operational efficiencies, contract certainty, accountability, transparency, customer service and reduced costs.”