In Brief: Blockchain-powered insurance policy piloted

Friday, June 16, 2017

US firms AIG, IBM and Standard Chartered Bank have piloted an insurance policy powered by blockchain.

IBM said in a statement they jointly "converted a multinational, controlled master policy written in the UK, and three local policies in the US, Singapore and Kenya, into a 'smart contract' that provides a shared view of policy data and documentation in real-time."

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Blockchain is a distributed ledger technology.

"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," IBM said.

Rob Schimek, CEO of commercial, AIG said: "Our pilot proves blockchain has a powerful role to play in the future of insurance."

IBM says blockchain is an "immutable, security rich and transparent shared digital ledger provides a single view of truth across all participants while simultaneously providing selective visibility to participants based on their credentials."