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Joining a insurance consortium (B3i) or cross-sector consortium (Hyperledger project) with the aim of defining a de facto, interoperable standard with members of the consortium.
Investment in start-ups active in the blockchain field, either through venture capital subsidary companies or directly, with the aim of gaining expertise and/or consolidating a technological partnership.
Launch of a partnership with companies in the blockchain field (such as Ripple), to speed up knowledge acquisition and launch collaborative experiments.
Establishment of research labs/working groups for developing proprietary solutions in the blockchain field, such as money transfer platforms or private ledgers.
Blockchain platforms could act as a shared layer enabling mutual insurance products and services for a group of distributed customers.
Smart contract technologies and oracles integration leverage instant – or on-the-spot – insurance products, which are to be handled with decentralized and certified mechanisms.
Blockchain trust layer suits to empower information sharing between different actors in trustless environments. Integrated tool allows for distributed storage, versioning and ownership tracking on data and documents.
Property: a Blockchain accelerator manages the change of property ownership, in other words the transfer of ownership of any digital or physical asset (e.g. vehicles, equity, houses, etc.). Through the registration of a transaction in the Blockchain register, the identity of the seller and the buyer, the unique identifier of the asset and the time stamp associated with the transaction are guaranteed and cannot be modified.
Insurances: over the years, complexity and costs related to the management of insurance processes have undermined the profitability of companies and inhibited the distribution of innovative insurance products. Insurechain is a solution that facilitates the automation of premium calculations, the management of appraisals and the settlement of certain types of claims, ensuring end-user transparency.
A report released by Long Finance has outlined the possible impact of blockchain technology on insurance. The report claims that blockchain technology applications, many of which are already in development, could have a major impact on identity, globalization, time, mutuality and other insurance industry transactions.
Blockchain is a revolutionary technology that could fundamentally change the way business is conducted and result in the restructuring of major industries.
Aegon, Allianz, Munich Re, Swiss Re and Zurich have launched the Blockchain Insurance Industry Initiative B3i aiming to explore the potential of distributed ledger technologies to better serve clients through faster, more convenient and secure services.