Data Gumbo Corp., the trusted transactional blockchain network for tomorrow’s industrial leaders, today announced that Prescient Underwriting Management & Associates (PUMA), a marine and energy risk management and insurance underwriting operation, is utilizing Data Gumbo’s 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. Additionally, the network will reduce the layers particular to insurance contract writing making contracts more efficient and quicker.
“Contracts are the first step in risk management, and Prescient is adopting our network to foster accountability and transparency in the insurance business,” said Andrew Bruce, CEO and Founder of Data Gumbo. “With a customer base in oil & gas onshore and offshore operations, Data Gumbo delivers real-time visibility that is pioneering first-of-its-kind insurance underwriting capabilities for Prescient.”
Built initially for oil & gas, GumboNet frees industry from building and sustaining stand-alone, in-house blockchain solutions with an inherent lack of interoperability and neutrality. By putting its insurance program on GumboNet, Prescient will access real-time data to execute risk mitigation and loss avoidance solutions to improve industry experience. Prescient’s underwriting platform can provide a reduction in operational costs up to 30% with the potential to save companies billions of dollars in real-time loss avoidance.
“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,” said Pascal Ray, Founder of 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.”
Prescient is an insurtech startup focused on risk management and underwriting solutions operating on a unique risk transfer platform. This platform is an industry first pairing distributed ledger technology (DLT) with other technologies including exclusive real-time risk avoidance new to the marine & energy insurance industry. This innovative mix of technologies optimizes the customer experience through enhanced service, reduced costs and in providing real-time loss mitigation and avoidance solutions. For more information, please visit: www.pumarisk.com.
About Data Gumbo Corporation
Data Gumbo provides industry with a trusted transactional network to automate contract execution for tomorrow’s leaders through GumboNet™, a massively interconnected blockchain network. With integrated real-time capabilities that power smart contracts, our network reduces contract leakage, frees up working capital, enables real-time cash and financial management and delivers provenance with unprecedented speed, accuracy, visibility and transparency. Headquartered in Houston, Texas, Data Gumbo has a subsidiary office in Stavanger, Norway. For more information, visit www.datagumbo.com or follow on LinkedIn, @DataGumbo and Facebook.