eReinsure, a provider of reinsurance related technology solutions, is to offer its clients a blockchain based solution on its widely-used platform, providing users a simple way to embrace distributed ledger technologies.
eReinsurer said this morning that its platform was widely used at the renewals, with 6,741 reinsurance professionals at 489 companies located in over 70 countries requested, quoting and binding reinsurance contracts using its reinsurance-placing technology over the month prior to the January 1, 2018 renewal date.
Now the company is expanding to offer its reinsurance users a blockchain service on the platform they are familiar with.
“eReinsure is uniquely positioned to partner with Blockchain technology providers to offer this new service to insurers, reinsurers and brokers who use eReinsure’s system,” commented Igor Best-Devereux, CEO of eReinsure. “Distributed Ledger capabilities can potentially create a new paradigm for the way information is shared between the parties to reinsurance contracts, so Blockchain fits nicely with our efforts to streamline the reinsurance market with cost effective services.”
“Blockchain offers some intriguing capabilities, but in reality, reinsurance specialists need a practical system that works for them and deals with the reality of workflow and data management,” Best-Devereux continued. “A number of our clients have expressed interest in Distributed Ledgers but want to retain the familiar negotiation and automation workflow, plus the user interface developed by eReinsure. This gives them an easy path to adopting Blockchain technology within the established eReinsure business network and benefiting from the experience gained since eReinsure launched its first reinsurance platform in 2001. Our objective is to offer an open framework that can allow clients to leverage work on industry standard, readily available, and cost-effective cloud infrastructure – continuing our model of providing competitive service, support and economical process efficiencies for reinsurance.
“As and when clients want to move in this direction, there are still many questions to address, including data privacy, identity resolution, immutability, and the legal and regulatory compliance framework. We expect the early implementations to be a collaboration with clients as they and the industry consider the value proposition and relative merits of Blockchain. However, we want to offer the deep experience of the eReinsure team to further the cost-effective and low-risk implementation of this emerging technology.”
