Yesterday
The Institutes RiskStream Collaborative (formerly
RiskBlock) announced a new reinsurance placement project based on blockchain. For the initiative, it’s partnering with the Reinsurance Solutions business of Aon plc and Guy Carpenter, a subsidiary of Marsh & McLennan Companies. These are the two largest reinsurance brokerage companies in the world.
Although Aon is U.K. headquartered, the U.S. is its biggest market. The company is best known for commercial insurance, but reinsurance makes up almost 15% of its business with segment revenue of $1.56 billion in 2018, ten years after acquiring Benfield.
The RiskStream project aims to use
ACORD industry standards to enable greater efficiency by reducing friction. A successful Proof of Concept has already been run with RenaissanceRe and Everest Re involving distributing submissions and receiving quotes using distributed ledger technology (DLT). RiskStream has formed a working group with member carriers, brokers and reinsurers.
Article continues …
Want the full story? Pro subscribers get complete articles, exclusive industry analysis, and early access to legislative updates that keep you ahead of the competition. Join the professionals who are choosing deeper insights over surface level news.
