Yesterday IBM announced that the Thai Reinsurance Public Company (Thai Re) launched its ‘Insurer Network’ smart contract solution using IBM blockchain technology.
The non-life reinsurer is one of only two Thai reinsurers listed by The Asian Insurance Review. The benefits of the blockchain solution are claimed to be efficiency, transparency, and speed. More than 10,000 annual reinsurance contracts will be handled by the platform.
Reinsurance contracts can sometimes require quite a bit of manual intervention. Every time there’s a policy alteration, the reinsurance broker, insurer, and reinsurer must coordinate and make sure their systems have the same data for the reinsurance policy. This often involves either paperwork moving back and forth or emails with spreadsheets to be reconciled. Sharing the data with partners in a permissioned manner using blockchain should significantly reduce the level of manual work.
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