Insurance News

ICON inks blockchain deal with Korean insurer SK

south korea

ICONLOOP and Korean insurer SK Holdings C&C signed an MOU to co-develop financial services blockchain applications. The blockchain startup has already developed authentication services as well as claims handling.

ICONLOOP is the corporate private blockchain arm of the Korean-founded ICON blockchain protocol which has a top 40 cryptocurrency. The companies are not planning to target large financial institutions. Instead, they’re aiming at SME financial companies. Possible products include car insurance claims and a tokenized version of mileage rewards points.

“With the MOU, we expect the blockchain platform of ICONLOOP to spread to not only domestic but global financial institutions based on SK Holdings C&C’s knowledge of financial industries and its excellent technical capabilities,” said JH Kim, the CEO of the ICONLOOP.

This MOU will enhance our blockchain platform and service technology capabilities and help develop specialized blockchain service models for each aspect of the financial services industry, creating social value at last” said Woo-jin Kang, the Head of Financial Business at SK Holdings C&C.

ICONLOOP has a CHAIN ID authentication product which it runs with the Korea Financial Investment. Yesterday it also signed an MOU with mobile operator SK Planet.

The Korean Federation of Banks recently launched its blockchain identity verification system called BankSign based on Samsung’s Nexledger. According to the local press, there are teething problems with the mobile app. However, these relate to general usability issues as opposed to the blockchain itself.

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