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