1st Reinsurance Product Heads to Blockchain
Saturday, 06 10 2017, Category: Technology, Country: World
There has been a lot of press – and perhaps hype – about blockchain and its potential to revolutionize the industry’s processes and ultimately improve the customer experience.
However, the efforts of the industry’s B3i initiative shows the real commitment of major industry participants to put the blockchain – or distributed ledger technology – to the test.
The 15 members of B3i are now in the midst of developing a “minimum viable product,” which means during the summer of 2017 “we will have blockchained a reinsurance property excess of loss contract,” said Paul Meeusen, head of finance and treasury services, Swiss Re. Meeusen is leading Swiss Re’s involvement in B3i.
Source: Insurance Journal