Innovation Fund Denmark
New Software to Create Trust in the Insurance Industry
Every day contracts are signed for billions that requires trust between the parties and transparency in the process.
Deon Digital Denmark A/S wants to digitize contracts using software, that creates transparency and removes the risks of fraud.
Digital contracts are based on the blochchain technology that is also behind Bitcoin.
In 2020 Deon Digital Denmark A/S moved to Brøstes Gaard in Copenhagen.
Deon Digital Denmark A/S
Every day in the global insurance market, insurance contracts are signed for billions of DKK, which requires an already established trust between partners and transparency in the process. This is what the software company Deon Digital Denmark, is aiming to contribute to by means of software development, which creates security in the process and removes the risks of fraud.
With help from Innvite, Deon Digital Denmark received Innobooster support from The Innovation Fond in late 2020, with the purpose of developing software that digitizes insurance contracts and increases security when validating transactions between two parties.
Deon Digital is established in 2017 and is rapidly becoming a strong brand within the world of software development for digital contract management. The company invented the Contract Specification Language (CSL), that enables the clients to build platforms to issue full-cycle digital contract for end-to-end automated business processes between companies.
With Innobooster, Deon Digital has taken an important step forward. See the press release from October 2021, which presented the launch of a joint venture D|G|TAL with the German Liability Management company Gossmann & Cie.
D|G|TAL will combine Deon Digitals proprietary technology, AI and Machine Learning capabilities with Gossmand & Cie.s strong expertise in portfolio and claims management, to build a digital factory for the insurance industry. Gossmann & Cie. has since 2018 provided holistic and intuitive data-driven solutions for management of insurance risk-related liabilities. By structuring, managing and assuming risks, Gossmann & Cie. supports the financial institutions, intermediaries, institutional investors among others.
D|G|TALs digital factory will give insurers the possibility to use applications along with their existing systems, which allows them to fast-track and optimize core processes, without having to modernize their complete IT landscape. Most of the existing IT landscapes within the field of insurance and finance, are based on a pre-digital era and are, therefore, lacking the ability to explore all available data today.
D|G|TALs digital factory is set up as a Software-as-a-Service platform (SaaS), that will save insurers time and resources while ensuring that they can gain an immediate and meaningful performance boost in their back-office operations.