UK insurer Legal & General picks Amazon for blockchain deal
Wednesday, 06 12 2019, Category: Technology, Country: United Kingdom
British insurer Legal & General has teamed up with Amazon to establish what it said is the first blockchain system for corporate pension deals.
The insurer said it would use a managed blockchain system launched by Amazon Web Services (AWS) to handle bulk annuities, which involve Legal & General taking over companies’ defined benefit or final salary pension schemes.
Blockchain suits “the long-term nature of annuities business as it allows data and transactions to be signed, recorded and maintained in a permanent and secure nature over the lifetime of these contracts, which can span over 50 years,” Thomas Olunloyo, CEO of Legal & General Reinsurance said.