An insurance industry blockchain group B3i which is building a dlt insurance solution to its 40 members has recently appointed John Carolin as its chief executive officer. Carolin then explained regarding the B3i hackathon which allows the industry members to test its platform, “Our team of subject matter experts is highly motivated, especially following the very positive feedback received last month at our Hackathon to test the initial product.”
The LG U+ (the telecoms wing of the LG Group) will introduce the first blockchain technology-powered mobile phone insurances for users. LG claims that the blockchain-powered mobile phone insurances enable the customers to receive same-day compensation for damage done to their handsets without the need of submitting any documentation like the existing process of mobile phone repair and guarantee services.
SFOX (a cryptocurrency prime dealer institution) has partnered with a M.Y. Safra Bank of New York which will give SFOX traders to access insurance through the United States government’s Federal Deposit Insurance Corporation (FDIC) worth up to $250,000. Its CEO Akbar Thobhani posted: “This partnership with M.Y. Safra Bank represents another step forward in our mission to provide our clients with the best place to trade cryptoassets,”
A collaboration was established between a decentralized artificial intelligence (AI) project, SingularityNET and a financial giant based in China, Ping An Insurance. Bai Meng explained, “Ping An Technology and SingularityNET have reached the intention to collaborate in the field of Artificial Intelligence, possible future directions for collaboration include (but are not limited to) OCR and model training.”
The Traditional investment industry is more secure due to its insurance, crypto industry is naccent are more vulnerable to the risk of hacks and thefts which are keeps insurers away. Henri Arslanian, PwC fintech for Asia says“Most institutionally minded crypto firms want to buy proper insurance, and in many cases, getting adequate insurance coverage is a regulatory or legal requirement”