Link: After Months of Development, B3i’s Blockchain Prototype Is Ready for Testing

More using blockchain for tracking and validating insurance policies:

“With the advent of smart contracts, distributed ledger technologies, and cryptography, we believe we can speed up the insurance transaction through the elimination of redundant and replicated processes, higher speed of execution and greater transparency,” Slaughter added.

Paul Meeusen, Swiss Re’s head of Finance and Treasury Services, explained that the prototype has been taken through robust testing and B3i has observed “efficiency gains in the order of 30 percent, by taking out unnecessary reconciliation, duplication of work and waiting time.”

The prototype application takes a property cat excess of loss contract, puts it on a shared ledger where terms are agreed in real time. “We see who has signed what line, paid what premium and reimbursed what claim, in one single version,” he explained.
Original source: After Months of Development, B3i’s Blockchain Prototype Is Ready for Testing

Link: Insurance industry making the leap to blockchain

Using the decentralized, assertion verification system in blockchain stuff to keep track of insurance policies across geographic and company boundries:

“The distributed ledger is a permanent, secure tool that makes it easier to create cost-efficient business networks without requiring a centralized point of control. With distributed ledgers, virtually anything of value can be tracked and traded,” the foundation said in a 2015 statement. “Distributed ledger systems today are being built in a variety of industries, but to realize the promise of this emerging technology, an open source and collaborative development strategy that supports multiple players in multiple industries is required. This development can enable the adoption of blockchain technology at a pace and depth not achievable by any one company or industry.”
Original source: Insurance industry making the leap to blockchain