In March, Taiwan’s Financial Supervisory Commission approved a trial of a new blockchain insurance project to make it more convenient for policy holders. If a person needs to change their address and has multiple policies with different insurers, by updating their data once, it will be shared with other insurers.
Similarly, if a person has multiple insurance policies and makes a claim to one, a blockchain smart contract will notify the other companies with which they have cover to initiate a claim.
The eleven insurance companies participating in the “Preservation / Claims Alliance Chain” are Xinguang Life, Cathay Life, Taiwan Life, Nanshan Life, Fubon Life, Yuanta Life, China Life, Global Life Insurance, First Gold Life Insurance, Cathay Property Insurance and Fubon Property Insurance.
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