Collaboration has been established between the largest insurance firm in South Korea, SK Planet, and the ICON to employ the blockchain and cryptocurrency in its mileage system. A local press, Hani reported: “OK Cashbag has approved the initiation of OKX Project, a blockchain technology-based project, and is currently in a phase of reviewing various business models and incentivization methods.”
The Hanwha Insurance Company based in South Korea is to introduce crypto exchange insurance in order to provide compensation for damages caused by hacking incidents. A local media quoted, “Cyber insurance, which (crypto) exchanges have joined in the past, is a compensation for the leakage of personal information, but the new product also compensates for damages caused by hacking.”
A new partnership has been established between the People’s Insurance Company of China (PICC) and VeChain, a blockchain startup. The newly-established partnership aims to transform the existing insurance identity with the implementation of blockchain technology as well as enhancing the data user’s protection, distributed ownership, and enhancing the existing artificial intelligence (AI).
Kingdom Trust, a digital currency storing company, received insurance coverage via Lloyd’s of London in order to secure the digital assets from theft and destruction. The Kingdom Trust claimed that it is authorized to hold the assets on behalf of brokers and investors. The CEO quoted, “We saw insurance as a key factor to bring institutional investors into the marketplace.”
As an effort in improving the insurance and pension industries, the Shanghai Stock Exchange (SSE) has partnered with the Insurance Asset Management Association of China (IAMAC). The local media reported, “The digital transformation of enabling insurance will build a blockchain service platform to solve the bottleneck problem of enterprise innovation. With convenient and efficient application development, flexible deployment model and visual monitoring and operating platform.”
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.”