Bajaj Finance Ltd.

Bajaj Finance and Spydra 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.

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.

Bajaj Finance is one of the largest players in the burgeoning consumer finance segment in India and a pioneer in introducing interest-free EMI finance options in many categories, ranging from consumer durables to lifestyle products to groceries.