Blockchain Trial For Dispute Resolution Planned By Italian Insurance Sector

Blockchain, News | August 15, 2018 By:

The Italian Association of Insurance Companies (ANIA) will be conducting a blockchain trial to help resolve disputes with car liability claims in the pre-litigation phase.

ANIA, which represents its members and their interests to the Italian Parliament, will be collaborating with consulting and integration firm Reply, the Research Center on Technology, Innovation and Financial Services (CeTIF) of Università Cattolica del Sacro Cuore in Milan, and the Italian Institute for the Supervision of Insurance (IVASS).

The initiative, which falls within the scope of the Insurance Blockchain Sandbox, will focus on Alternative Dispute Resolution (ADR) service. Project participants will explore how blockchain technology can resolve disputes between customers and insurance companies. Various companies will also get involved to find out the benefits of the technology, including Axa, Cargeas-Cardif, Cattolica, Generali, Helvetia, Reale ITES GEIE, Sara and Zurich.

“The main phases of the ADR project involve the exchange of the amounts entered into the platform by the counterparties for the resolution of a legal dispute, through a blind auction mechanism, adjusted on the basis of the parameters defined for the experiment, accepted by the customer/legal representative and guaranteed by a Trusted Smart Contract based on blockchain,” ANIA said.

The work carried out in the Insurance Blockchain Sandbox will be supervised by a Scientific Committee composed of representatives of IVASS, ANIA, CeTIF РUniversità Cattolica, Reply and the companies and intermediaries involved in the project.

“Thanks to this initiative we intend to experiment in a concrete and effective manner with the potential offered by the Blockchain technology, applying it to a first use case highly beneficial to our sector,” said ANIA President Maria Bianca Farina. “This will allow us to implement and take advantage of the benefits identified during the experiment to facilitate the operation of all the companies. Our ambition is to continue with other projects to enable us to make the use of such a powerful technology practical and effective, not only for insurance companies but for the whole market.”