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Bajaj Finance and Spydra Transform Loan Insurance Reconciliation with Blockchain Automation

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Bajaj Finance, a leading Indian non-banking financial company (NBFC), and Spydra, a low-code asset tokenization platform, have jointly launched an innovative blockchain solution to automate reconciliation and claims processing between lenders and insurance providers. The solution leverages a permissioned blockchain network where every loan, EMI payment, and default event is tokenized and tracked on-chain. By integrating data oracles, the system ensures reliable real-world data like payment confirmations and policy records feeds smart contracts. When a customer defaults on a loan covered by insurance, a smart contract automatically raises a claim, supplying all necessary proofs to the insurer.

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“This system eliminates manual, error-prone processes traditionally used in reconciliation,” said Manish Tewari, Founder & CEO of Spydra. “By tokenizing loans and embedding deterministic on-chain workflows, we create a shared, immutable event trail while keeping sensitive data securely accessible only to authorized parties. The result: faster claims, reduced disputes, and simplified auditability.” From Bajaj Finance’s perspective, the blockchain solution provides a single source of truth shared by lenders and insurers, accelerating reconciliation cycles and reducing operational overhead. Insurers gain structured, verifiable evidence for claim processing, cutting resolution times significantly.

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“Automation of default-triggered claims and on-chain data visibility enables quicker decisions and a seamless reconciliation experience,” said a senior representative from Bajaj Finance.

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Built with privacy by design, the platform uses channel-based data access controls to protect sensitive customer information, aligning with India’s Digital Personal Data Protection Act 2023 requirements.

(Disclaimer: The above press release comes to you under an arrangement with NRDPL and PTI takes no editorial responsibility for the same.). PTI PWR

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(This content is sourced from a syndicated feed and is published as received. The Tribune assumes no responsibility or liability for its accuracy, completeness, or content.)

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