Posts in category

Insurance


This space ain’t big enough for all of us. That about sums up the way R3’s technical chiefs, CTO Richard Gendal Brown and lead platform engineer Mike Hearn, view the rivalry among enterprise blockchain solutions. While it may be more genial and less chaotic than the public blockchain world that Hearn left behind when he …

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London’s CordaCon 2018, an annual gathering hosted by R3 to celebrate everything happening on the Corda platform and its developer community, appeared to be in rude health this year with standing room only in many of the presentations. The event saw some 1,150 registrations over the two days – exponential growth from last year, noted …

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British maritime classification society Lloyd’s Register has developed a prototype blockchain platform aimed to enable more efficient shipping registration, the organization announced Tuesday. The not-for-profit, which is already looking at using blockchain to improve the safety and security of critical shipping infrastructure and individuals in the industry, is now working to speed up the process of …

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Three years ago, Microsoft Azure was the first to bring blockchain to the cloud. Now it’s connecting the technology to just about everything else. The software giant has quietly been building bridges between its blockchain services and other, widely used infrastructure and platforms, such as Office 365 Outlook, SharePoint Online, Salesforce, Dynamics 365 CRM Online, SAP, …

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Lloyd’s of London, the centuries-old insurance marketplace, is quietly providing cover against the theft of cryptocurrencies. Announced Tuesday, Kingdom Trust, a qualified custodian of some 30 cryptocurrencies and tokens, is enhancing its safe-keeping services with insurance cover for theft and loss due to natural disaster, courtesy of underwriters in the Lloyd’s market. Kingdom Trust, which …

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LumenLab, an affiliate to insurance giant MetLife’s Asia bureau, has successfully trialed a blockchain-powered insurance product to offer financial protection to pregnant women with a risk of gestational diabetes. According to a news release published Monday, the product, dubbed “Vitana,” will connect its customers’ electronic medical records to their mobile devices to issue a policy in …

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Chinese e-commerce giant JD.com has launched a blockchain-as-a-service platform alongside its first app – one that digitally tracks corporate invoices for one of the largest publicly traded insurers in China. According to a release on Friday, JD.com said the application moves invoice data for Pacific Insurance onto a distributed network at each step of the issuance cycle, …

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The American Association of Insurance Services (AAIS) is turning to the IBM Blockchain platform to support a new automated insurance reporting tool, the organization announced Wednesday. Built on IBM Blockchain using Hyperledger Fabric, the open Insurance Data Link (openIDL) system is aimed to simplify regulatory reporting by allowing insurance carriers to store data on a permissioned …

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“My premise is that you can use blockchain to essentially trust people you don’t know – you trust the code.” While that statement by Hugh Karp may sound like a standard line in crypto-land, his startup, Nexus Mutual, is actually building a product for those who don’t trust the code. Or, at least, don’t trust …

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To hear Blythe Masters tell it, the time has come for Digital Asset (DA) to spread its wings and fly. The distributed ledger technology (DLT) company she founded in 2014 is entering a new phase, heralded by, among other things, a partnership with Google Cloud to simplify and proliferate the tech. To date, DA’s strategy …

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R3 has scored another win in the insurance sector, giving the startup a wide lead over other distributed ledger technology (DLT) providers in the sector. Revealed exclusively to CoinDesk, the RiskBlock Alliance, whose members include such insurance heavyweights as Chubb, Marsh and Liberty Mutual, has decided to build its first set of use cases using R3’s …

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A group of reinsurance giants have said they will jointly develop a blockchain system in an effort to boost transparency in the industry. Comprising the group are are multinational giants including General Reinsurance Corporation and Hannover Re, the report said. Also involved in the project is China Re, the only reinsurance firm in China owned by …

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The world’s largest blockchain insurance consortium will use R3’s Corda platform to build its upcoming products, the company announced Monday. The Blockchain Insurance Industry Initiative (B3i), the independent company founded by Allianz, Aegon and Swiss Re, and supported by AIG and AIA, will use the platform to advance a prototype reinsurance blockchain, as well as …

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The concept of microinsurance is getting a shot in the arm from new technologies, not least among them blockchain. A term coined at the turn of the millennium, “microinsurance” is often defined as coverage for people on very low incomes. However, the concept has run up against many of the problems faced by microfinance generally. …

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The Australia and New Zealand Banking Group (ANZ) has announced a blockchain solution aimed to improve efficiency in the insurance industry. Working with tech giant IBM and financial services firm Suncorp New Zealand, ANZ is building a blockchain-based platform that will ease the transfer of data and premium payments between brokers and insurers, ultimately making …

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One of the “Big Three” credit rating agencies thinks blockchain is a “game-changing technology.” Fitch Ratings touted the potential uses for blockchain within the insurance industry in a report published Wednesday, saying “insurance is fertile ground for blockchain’s capabilities.” In particular, the company sees blockchain as a tool for streamlining the transactions companies conduct while …

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The firm behind a blockchain protocol tailor-made for the insurance industry has designed a decentralized policy to cover natural disasters in hurricane-prone Puerto Rico. According to an announcement Tuesday, Etheric was approached by two local ethereum developers to develop a policy that specifically provides hurricane damage cover for the Caribbean island’s residents. The need for …

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Progress reports on blockchain projects in the banking and insurance sectors offered an illuminating comparison at the Blockchain Expo in London Thursday.   While bankers came across as browbeaten and anxious, their cousins in insurance were anything but. Indeed, the tone for banking was set on a panel looking at the potential of blockchain for …

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Insurance giant Allianz has been testing an internal token to move money around between its global affiliates without having to deal with currency conversions and other costs and inefficiencies. Development of the so-called “Allianz token” is being helped along by blockchain startup Adjoint, which created a proprietary blockchain for the project, CoinDesk has learned. Adjoint …

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Telecommunications and smartphone provider Huawei has become the latest tech giant in China to launch a blockchain-as-a-service (BaaS) platform. Announced at Huawei’s analyst conference in Shenzhen on Tuesday, the company’s new platform, dubbed Blockchain Service, is said to enable companies to develop smart contracts on top of a distributed ledger network for several use-case scenarios. A …

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