Reinsurance News
blockchain
B3i to co-chair new ACORD blockchain standards group
23rd November 2018
The Blockchain Insurance Industry Initiative (B3i) has announced that it will jointly chair a new ACORD project group designed to propose common standards for the adoption of blockchain technology in the re/insurance industry. Led by B3i and RiskBlock Alliance, the initiative will support the adoption of data and protocol standards to ... Read the full article
Cryptoasset insurer BlockRe to launch new risk assessment tool
19th November 2018
BlockRe, a cryptoasset insurance company, has announced the launch of a new underwriting and risk assessment tool to aid in the issuing of insurance policies in the cryptoasset and blockchain space. BlockRe claims the solution, which was created in July, will be one of the only comprehensive third-party risk assessment tools ... Read the full article
Sompo to consider applying BitPesa’s tech in the insurance industry
15th November 2018
Sompo Holdings Corporation has announced a new partnership with pan-African digital payment platform BTC Africa (BitPesa), a move that will extend Sompo's presence in the global remittance services market, with a view to potentially using BitPesa's technology within the insurance sector. BitPesa is an African bitcoin start-up firm that was established ... Read the full article
Tokio Marine & Nichido and NTT Data complete marine insurance blockchain PoC
12th November 2018
Japanese insurer Tokio Marine & Nichido Fire Insurance Co., Ltd., alongside NTT Data Corporation have announced that the pair have completed the Proof of Concept (PoC) for the application of blockchain technology to marine cargo insurance claims. According to research undertaken by Tokio Marine & Nichido and NTT Data, this was Japan's ... Read the full article
Aon, Etherisc and Oxfam partner on joint micro-insurance program in Sri Lanka
2nd November 2018
Re/insurance broker Aon is collaborating with Oxfam and InsurTech firm Etherisc on a joint program to deliver micro-insurance to small holder paddy field farmers in Sri Lanka using blockchain technology. The parties plan to leverage blockchain to automate parametric insurance products, which will simplify the claims process and remove the need ... Read the full article
Making better decisions with better data key to the future of insurance: Brian Duperreault
10th October 2018
Brian Duperreault, the President and Chief Executive Officer (CEO) of American International Group (AIG), believes that making better decisions with better data is key to the future of the insurance industry. Speaking with Toni Waterman on the inaugural business show launched by Bermuda Broadcasting, called The Breakdown, Duperreault discussed blockchain and ... Read the full article
Marsh targets gig economy with new blockchain solution
3rd October 2018
Global re/insurance broker Marsh is working with data security platform Evident on the first blockchain-based verification solution for clients in the sharing and gig economies. Marsh has been considerably active in incorporating blockchain into its value chain since the company’s partnership with IBM was first announced five months ago. This new ... Read the full article
Marsh expands blockchain partnership with IBM
28th September 2018
Global re/insurance broker Marsh is expanding its blockchain partnership with IBM, five months after announcing its decision to use the technology to streamline proof of insurance processes. It’s hoped that blockchain technology will transform the certificate of insurance process, which is currently manual, and allow clients to more easily hire contractors ... Read the full article
Blockchain smart contracts unlikely to replace traditional processes: Solidum
26th September 2018
The nuanced complexity of a re/insurance contract makes it an unrealistic candidate for replacement by blockchain smart contracts, according to independent investment management firm Solidum Partners. A smart contract is essentially an immutable piece of code embedded into the blockchain that can execute binary decisions such as the automatic transfer of ... Read the full article
Blockchain not understood by enough insurers: PwC
11th September 2018
Blockchain is not understood by a sufficient number of insurers and is therefore obstructing its progression, says PwC in a new report. The firm says that, while blockchain is proving an excellent system for transparent, real-time customer experience for early adopters, the gains will be greatest if insurers focus their experimentation ... Read the full article
RenaissanceRe and TigerRisk complete data transfer POC with Piprate
11th September 2018
RenaissanceRe and TigerRisk Partners have successfully completed a commercial Proof of Concept (POC) with Piprate, a blockchain-based data exchange platform for the insurance industry. Piprate said that its blockchain technology and proprietary data model allow data to be shared in a more secure and efficient way than established solutions, with transparency ... Read the full article
MetLife develops new claims-free blockchain health insurance product
29th August 2018
MetLife Asia’s Singapore-based innovation centre, LumenLab, has begun testing a new insurance solution that uses blockchain technology to trigger automatic payouts upon diagnosis of certain health conditions, without the need to make a claim. The experimental product, called Vitana, is currently designed to offer pregnant women financial protection in case of ... Read the full article
RiskBlock Alliance partners with EY on blockchain insurance services
22nd August 2018
The Institutes RiskBlock Alliance, a not-for-profit enterprise-level blockchain consortium for the risk management and re/insurance industry, has announced that Ernst & Young (EY) will serve as a primary service provider for blockchain-specific cybersecurity and risk management guidance. The services constitute part of the consortium’s efforts to implement and test multiple uses ... Read the full article
Shanghai Stock Exchange partners with insurers on new blockchain project
22nd August 2018
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 ... Read the full article
IBM Blockchain platform to host new AAIS regulatory solution
20th August 2018
Not-for-profit insurance advisory organisation AAIS is to launch its new openIDL (open Insurance Data Link) product on the public cloud service platform, IBM Blockchain. Designed to help automate insurance regulatory reporting, openIDL hopes to leverage the decentralised, fast and paperless nature of blockchain to turn expensive regulatory and compliance requirements into ... Read the full article
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