Computable Contracting for insurance
the science of information with the art of representation.
The vision for Axiome is to put truly digital contracts at the heart of the insurance value chain. This means that insurance contracts will take the form of ‘rich digital objects’, a single source of truth that is created and referenced collaboratively by clients, insurers and brokers.
The technology that underpins this vision is computable contracting – contracts that are readable by humans and computers. Adopting computable contracting approaches in insurance requires a fundamental rethink in the way that the information contained in contracts is created, structured and represented.
Not only will the adoption of computable contracting lead to significant efficiency gains, but it will also set the stage for the innovation in terms of the nature of insurance products as well as the way in which business operations are conducted.