Blockchain Insurance: applications for insures

Blockchain Insurance: applications for insures

Five major European companies will work on a blockchain insurance project to provide faster and safer services to their clients.

This project, called the Blockchain Insurance Industry Initiative (B3I), has the goal of testing use cases that could help the insurance sector.

To do so, in fact, Allianz, Aegon, Munich Re, Swiss Re and Zurich, or the biggest companies of this field, are working to provide a meeting ground to exchange ideas with this objective: improving the insurance service and creating a new method of doing business.

“We want to be at the heart of these developments and see Blockchain as one of those potential catalysts for change. By actively creating partnerships and making strategic investments we can build smarter solutions together with our clients,” explained Mark Blook, chief technology officer at Aegon.

Allianz – which has already explored smart contracts for catastrophe bonds exchange and has already  worked with fintech startups – belives that the distributed ledger can allow them to help transparency for their users.

“This initiative, enabling alternative operating models based on the Blockchain technology, can help us increase transparency and efficiency and deliver a better experience to our customer,”  commented Allianz Group COO Christof Mascher.

Those 5 companies said they hope that other brands in the insurance and reinsurance industries will join the project with them.

According to a press release, the mai objective is taking advantage use cases “across the entire insurance value chain”.

Open your free digital wallet here to store your cryptocurrencies in a safe place.