Bajaj Finance and Spydra Transform Loan Insurance Reconciliation with Blockchain Automation

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.

“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.

“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.

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.