The Shanghai Stock Exchange (SSE) has entered into a partnership with a number of major re/insurance industry players, including the Insurance Asset Management Association of China (IAMAC), to improve the efficiency and security of the insurance industry using blockchain technology.
Shanghai Securities News reported that the SSE and IAMAC had joined with Changjiang Pension Insurance Company, Tokyo Maritime Sunshine, Sumitomo Mitsui Marine, and other insurance companies to “promote the use of blockchain in the asset management and pension industry.”
The SSE stated that the partnership would “build a distributed data interaction platform, and solve the problem of information islands,” using blockchain to “create a new, high-efficiency, low-cost and safer insurance industry.”
In terms of insurance asset management, the parties said leveraging blockchain would reduce contract information fraud and information asymmetry, as well as improve data flow efficiency by ‘uplinking’ the transaction information of a product and monitoring the situation of assets in real time.
For pension management, blockchain is expected to break the information islands between trustees, account management agencies, principals, and other entities, protecting sensitive information, improving operational efficiency, and allowing historical annuity information to be traced.
The SSE also said it cooperated with China Taiping’s Taiping Jinke to build a blockchain innovation service platform that will promote business innovation and development, and worked with Taiping Jinfu to further enhance the digitalisation capability of Taiping Group’s procurement center and related financial services.
Additionally, the SSE claimed that building an industry risk trading blockchain platform would solve business inefficiencies and encourage reinsurance and co-insurance business via real-time uplinking of policy and billing data, thereby reducing manual operations and improving transaction efficiency.
