Reinsurance Giants To Develop Blockchain Platform For Chinese Marketbr>
Global reinsurance giants have joined forces to jointly develop a blockchain platform for the Chinese reinsurance market.
Announced at an event in Shanghai last week, the companies participating in the initiative include Hannover Re, China Re, General Reinsurance Corporation, and Zhong An Technology, which will lead the technological development the project. Notably, Hannover Re and General Reinsurance Corporation are members of The Blockchain Insurance Industry Initiative (B3i), a consortium of leading re/insurance companies that aim to collaborate on providing blockchain powered solutions for the industry.
The objective of the blockchain platform is to improve transaction efficiency and accelerate the application of the technology in the field of reinsurance. The plan is to allow different parties to view assets and transactions in a more syndicated manner, thus making the information flow more efficient and transparent. The platform’s work will be carried out under the supervision of the Shanghai bureau of China’ Insurance Regulatory Commission.
During the event, the companies released the Reinsurance Blockchain (BIC) white paper, which describes the various characteristics of blockchain technology and discusses the application scenarios of the technology in the field of reinsurance.
China Re and ZhongAn also announced that they have already completed a proof of concept (PoC) with other partners, which helped them verify the feasibility and benefits of a blockchain reinsurance platform. The PoC was tested in areas such as negotiation and contracting, reinsurance, document exchange, and claims processing.
“We believe that the blockchain solution will help foster the application of the technology and promote the overall progress of domestic blockchain technology,” the companies said. “It will also help realize business connectivity, data exchange and technology value transfer based on blockchain, further enhance business value, share the dividends brought by technological innovation, promote the innovation and upgrading of the insurance industry.”