The General Insurance Association of Japan is working with NEC to evaluate blockchain as a tool to improve efficiency. Eight un-named insurers are participating in an application for joint insurance policies where the cover for a single policy is syndicated across numerous insurers.
Extensive inter-company communication is required for joint insurance policies to ensure that each insurer is in sync as the available information changes. Hence, instead of numerous emails going back and forth, the proposal is to create a shared blockchain-verified data store. The aim is to share contract information without documents.
The organizations also see COVID-19 as requiring a review of current processes, especially for face-to-face procedures or reviewing written paperwork.
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