France’s SCOR joins blockchain initiative
The reinsurer has also joined the blockchain insurance industry initiative B3i.
The reinsurer has also joined the blockchain insurance industry initiative B3i.
French reinsurer SCOR said that it has been testing blockchain technology since last September and is pleased with the results, which demonstrate that the technology is agile and quick to implement; simplifies and accelerates interaction, with real-time status simultaneously shared by the business partners involved; and has the potential to efficiently reduce costs.
To further explore the potential use of distributed ledger technology (DLT) for the insurance industry, SCOR has joined the blockchain insurance industry initiative B3i launched last October. The current 15 members of B3i are Achmea, Aegon, Ageas, Allianz, Generali, Hannover Re, Liberty Mutual, Munich Re, RGA, SCOR, Sompo Japan Nipponkoa Insurance, Swiss Re, Tokio Marine Holdings, XL Catlin and Zurich Insurance Group.
B3i members are collaborating to explore the ability of DLTs to increase efficiencies in the exchange of data between reinsurance and insurance companies. In a proof-of-concept exercise, members will implement a pilot project aimed at transacting reinsurance contracts with each other.
“If blockchain technology proves to be a viable tool, it could transform the insurance industry through a shared, transparent record of contract-related information,” added SCOR. “Streamlining communication and transactions would subsequently improve industry processes and provide better insurance services to customers.” B3i will share first results in June 2017.