RGAX, the innovation unit of Reinsurance Group of America, said it completed a blockchain proof of concept (PoC) for reinsurance with Mutual of Omaha. The two used test data to trial the automation of reinsurance transactions using distributed ledger technology (DLT) and smart contracts.
When an insurance carrier shares some of its risk with reinsurers, splitting monthly premiums involves considerable administration and reconciliation.
RGAX is using blockchain to streamline reinsurance transactions such as premium calculations, payouts and reconciliation between the parties involved.
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