On Tuesday, insurtech startup
ChainThat announced it’s planning an insurance exchange in Bermuda driven by R3’s Corda blockchain technology. The platform is expected to start trialing in July 2019.
“We are delighted to be unveiling this exchange that will cut frictional costs and allow brokers, reinsurance and insurance companies access to the capital markets using blockchain,” said David Edwards, Chief Executive Officer of ChainThat. “This is an opportunity for Bermuda to establish itself as the most advanced insurance market in the world.”
The platform will roll out in two phases. The initial stage will involve a more traditional insurance market similar to Lloyd’s. Hence that involves placement, settlement, accounting and claims.
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