The Blocksure company has unveiled Blocksure OS, an insurance blockchain platform. The developed platform is aimed to lessen the insurance costs incurred in the insurance sector by 50%. The platform connects the users with the insurance industry. The platform is reported to function in real-time thereby processing transactions in seconds. The platform has integrated R3’s Corda platform.
The Blockchain Insurance Industry Initiative (B3i) would be embracing R3’s Corda platform for its upcoming projects. The CTO of B3i, Markus Tradt stated, “The Corda platform offers the optimal solution in the market to deliver the B3i roadmap and our industry-wide insurance blockchain ecosystem.” The insurance company aims to bring data privacy, scalability, and developer productivity.
AP Moller Maersk, the shipping company, has embraced blockchain tech for marine insurance. The company has already been trailing the system. It is reported that the technology would be managing risks for more than 1,000 vessels and support 500,000 and beyond transactions in the initial year. The company has experienced ‘simplified and streamlined transactional processes.’
Vernam would enable the customers to communicate with the insurance companies by integrating blockchain. The most interesting part is customers will be able to choose conventional products in their transparent and highly-secured marketplace without even need to pay commission for the broker in charge since the role of intermediaries is eliminated.
The registered digital insurance broker, PolicyPal and PolicyPal Network, announced regarding the collaboration with FWD. The Group Chief Officer of FWD commented, “We are glad to partner with PolicyPal to explore how blockchain technology can bring about a quantum change to the insurance industry and provide customers with a greater level of transparency.”
The global insurance professional, Beazley and other companies such as Bitfury have revealed its plan to develop blockchain insurance solution for crisis situations such as mass shootings. According to the report, the policyholders and insurers are able to record and share real-time information regarding the threats with the use of blockchain technology.
A blockchain-based insurance product has been developed by a decentralized insurance platform, Etherisc to cover the damage of residents in Puerto Rico. The Co-Founder of Etherisc Stephan Karpischek stated, “The hurricane insurance is the first use case that embodies our belief in what insurance should achieve – helping people solve real problems and manage risks in their communities.”
ZhongAn Online, an insurance company, aims to embrace blockchain technology for restructuring the quality control system and maintain a database of the chicken supply chain. The system will apply facial recognition software to enable easy access to the information stored on the decentralized platform. The anklets worn by the chickens are linked to the blockchain system.
Allianz, insurance company, is trailing the transfer of Allianz Token between the affiliates so as to reduce efforts with respect to currency conversions and others. The company has embraced blockchain tech support extended by Adjoint. The money received is converted to tokens. Oliver Volk, an expert at the Allianz reinsurance unit, has confirmed that the entity plans to launch the tokens.
Marsh in association with IBM, ACORD, and ISN introduces a blockchain solution for proof of insurance. The said solution is being worked on the open source Hyperledger Fabric technology and IBM Blockchain Platform. An official at Marsh said, “Blockchain technology could serve maximized efficiency and new opportunities in the insurance value chain.”