Aig blockchain press release

Insurance giant AIG, IBM and commercial bank Standard Chartered announced the successful completion of the pilot of the first multinational insurance policy in smart contracts based on blockchain technology. The development of the platform was carried out by IBM and is based on the framework Hyperledger Fabric, which is one of the projects of Hyperledger hosted by The Linux Foundation. The applications and possibilities offered by blockchain technology embrace in a very assertive way the possibility of transforming the insurance industry. By creatively leveraging smart contracts to help meet the rigorous regulatory requirements in different markets, they demonstrate in their pilot performance the ability to improve efficiency and open new business models for the sector.

We are searching data for your request:

Wait the end of the search in all databases.
Upon completion, a link will appear to access the found materials.

Content:

• IBM and AIG partner to develop a smart insurance policy using blockchain technology
• The Impact of Blockchain on the Insurance Industry
• LBBW joins the Marco Polo Network
• COVID: '30% individuals lose vaccine-acquired immunity after 6 months'
• Technology Trends NA
• Lloyd’s launches new cryptocurrency wallet insurance solution for Coincover

WATCH RELATED VIDEO: 🔴 BLOCKS - Moving Traditional Industries to Blockchain🔔

IBM and AIG partner to develop a smart insurance policy using blockchain technology

This website uses cookies to improve your experience. Continue if you are OK with this or read more in our privacy policy.

The blockchain insurance industry initiative B3i is including 23 new members for its market testing programme. The move follows the launch of a working market testing prototype at the Monte Carlo RVS conference on September 10, The B3i is a collaboration of insurers and reinsurers formed to explore the potential of using distributed ledger technologies within the industry for the benefit of all stakeholders in the value chain.

Blockchain technology allows for the recording of data—transactions, contracts, agreements—in a way that means the data are simultaneously stored, but also updated in real time—on hundreds or even thousands of computers globally.

It is meant to make the data almost impossible to tamper with or hack into—yet it is also accessible and updated instantly for every user. Since its launch in October , the B3i initiative has gained broad attention across the industry and beyond. Market testing of the prototype will commence this month October , following onboarding and the provision of training to all member companies, according to a press release.

Each participating company will simulate the creation and management of property catastrophe insurance contracts in order to test post placement processes. This will apply from the setting up of the contract, through to the automated calculation for payment of claims. The testing companies will provide feedback based upon their experiences using the platform, thereby contributing to the development of a viable production platform for the insurance and re-insurance industry by the second half of B3i will also embark on developing and prototyping further use cases during for market adoption.

At the beginning of , B3i will put in place a new structure designed to better serve its members and future platform users. This will take the form of a limited liability company structure, with a research and development function and commercial operations.

Click here to find out more. Hiscox estimates Hurricane Harvey, Irma claims. SCOR agrees on cat excess of loss deal with Iran. AIG no longer systemically important institution.

Management shake-up follows CETA ownership change. Capsicum Re hires cyber security specialist. Don't miss our insurtech email newsletter - sign up today. Blockchain-based B3i incorporates in Zurich ahead of funding round More on this story.

Editor's Picks Most read. Aon talks tackling climate change challenges Cutting claims times; transforming insurance: Markel Why sustainability should be a key enterprise risk management consideration Culture and people the biggest barriers to digital evolution: Swiss Re Embedded insurance can transform insurance offering: Mapfre.

Sign up for the newsletter Receive twice daily emails from Intelligent Insurer with all the latest industry news. Sign up.

The Impact of Blockchain on the Insurance Industry

Welcome to Finextra. We use cookies to help us to deliver our services. We'll assume you're ok with this, but you may change your preferences at our Cookie Centre. Please read our Privacy Policy. As we move towards the end of , the blockchain buzz is only heating up with unique and interesting applications and use cases across all industries, all geographies and all sizes of organizations. In this post I am sharing a round-up of some of the interesting stories of blockchain in action for Oct BP experiments with blockchain for oil and gas trading.

LBBW joins the Marco Polo Network

The International Renewable Energy Agency says a surge in private lending for renewable energy projects this decade is a must in order to meeting global targets to limit the rise of temperatures worldwide. The article quotes Director General Francesco La Camera, who noted that markets have pushed a shift to renewables with costs for solar and wind power have falling, and demand for energy from carbon-emitting sources has dropped. La Camera noted that government financing is key in giving private lenders confidence to provide the needed investment to the energy transitions. A number of key initiatives were announced. The SMI Insurance Task Force will also work with governments to establish a public-private disaster resilience, response and recovery framework. The document outlines several actions, which includes combating greenwashing of investments, setting climate change targets for banks and encouraging low carbon blockchain projects, according to an article from Reuters posted this week in Insurance Journal. The commission believes more action is needed as it is now clear that Europe should improve how the financial sector contributes to sustainability, the sources said. American International Group Inc. With more than 40, colleagues conducting business in approximately 80 countries, being an agent of change is an important responsibility in a complex and dynamically changing world. Read the ESG Report at www.

COVID: '30% individuals lose vaccine-acquired immunity after 6 months'

After the transaction closes in the third quarter of , both the PSP and Lightyear will continue to hold minority stakes. The firm also has more than 7, financial advisors, up from 5, in , according to a press release. The research arm of the CFA Institute, a non-profit organization that aims to promote the standards in ethics, education and professional excellence in global investment While blockchain-based decentralized finance technology has a lot to offer institutional investors, taking full advantage of these tools will require significant technological and regulatory hurdles AGA Benefit Solutions provides the development and administration of customized group insurance plans and specializes

Technology Trends NA

AIG and IBM completed a pilot of a so-called "smart contract" multi-national policy for Standard Chartered Bank PLC which the companies said is the first of its kind using blockchain's digital ledger technology. The Standard Chartered policy uses blockchain to facilitate sharing of real-time information for a main policy written in the United Kingdom, where the bank is headquartered, and three local policies in the United States, Singapore and Kenya. Big banks, investors and other financial institutions have invested millions of dollars in blockchain, hoping it could make transactions faster, easier and more secure. IBM has been partnering with leading companies in various industries, including Danish transport company Maersk, to create blockchain-based products that can streamline complex international dealings across sectors. Blockchain technology , which powers the digital currency bitcoin, enables data sharing across a network of individual computers. It has gained worldwide popularity due to its usefulness in recording and keeping track of assets or transactions across all industries.

Lloyd’s launches new cryptocurrency wallet insurance solution for Coincover

Insurance in India has traditionally been a high-touch, human-oriented industry. Distribution has been primarily led by distributors, brokers and agents, and Insurance companies have been primarily in the business of underwriting the risk, and providing service and claim support around it. The last decade has witnessed a monumental wave of changes in the way existing and new insurance players are approaching the market. While policies are still sourced through traditional means, the entire processing, underwriting, policy issuance and servicing of the policy is now done through technology. Large insurance companies, Tata AIG included, have invested a significant sum in revamping large legacy systems and migrating systems to cloud-based solutions that offer both scale as well as speed. Parallelly, all insurance providers have been investing in future-proofing, as well as exploring newer ways to reach service and better protect the customers. For example, Tata AIG has set up an Innovations Lab, which elevates their entire business and customer experience, and acts as an InsurTech startup hosted within their four walls. This is essential because technology is evolving at a breakneck-pace.

Forgot your password? Lost your password? Please enter your email address.

In September SCOR started to test Blockchain technology, which is essentially a secured distributed database ledger shared by all parties to an exchange, and launched a Technical Accounting Blockchain Proof of Concept PoC to assess the feasibility of using Blockchain technology to enhance the Ruschlikon initiative. Its primary purpose is to optimize administrative costs and enhance client services. Ruschlikon aims to further automate back office processes by implementing the ACORD standard messages for technical accounts, claims and financial accounts, along with the Ruschlikon Best Practice Processes. Press Release. SCOR embraces new technology with Blockchain tests. February 6, —

The platform provides a seamless experience to all participants involved in the trade transaction, giving them visibility of the transaction and documents, thus resulting in better management of working capital requirement. Execution of transaction on the SLDE platform addresses all historic issues with paper-based trade transactions such as limited transparency, slow speed of transfer of physical documents, and lack of audit log. This transaction with Axis Bank is a step in this direction. The generation and storage of logistics documents through the SLDE platform going forward will bring efficiency, assist audit trail and leave a greener transaction imprint," said Mr. Using SLDE, we look forward to reducing our carbon footprint while enabling greater transparency, visibility, and sustainability towards our various internal and external stakeholders. We are proud to have taken this first leap with Axis Bank and wish to be a trendsetter for other organisations to follow.

The blockchain solution creates a new level of trust and transparency in the underwriting process, enabling AIG and Standard Chartered to deliver multinational insurance more efficiently. Coordinating management and placement of multiple insurance policies across multiple countries is highly complex. This also allows visibility into coverage and premium payment at the local and master level as well as automated notifications to network participants following payment events. The pilot also demonstrates the ability to include third parties in the network, such as brokers, auditors and other stakeholders, giving them a customized view of policy and payment data and documentation.