American International Group (AIG), IBM’s Certified Partner in China’s First Multinational Blockchain Insurance
The first multinational insurance policy using Blockchain technology was developed by the American International Group, Standard Chartered Bank and IBM. IBM has developed a solution using Hyperledger Fabric.
Macro-policies formulated in the UK and three local policies in the United States, Kenya and Singapore, are written in the form of a smart contract. This agreement provides a common and immediate view of policy data.
Show participants smart coverage with automatic notifications after payment events, coverage and payment at both local and macro policy levels. This solution demonstrates the ability of third parties to enter the network, such as auditors, brokers and other shareholders.
The role of Blockchaink Signal Experiment project
Rob Schimek, CEO of AIG Trading Company, said the pilot project demonstrates the ability of blockchain technology to play a role in the insurance industry. According to him, a technology that increases transparency and trust should be thoroughly examined.
The three companies collaborated on a multi-risk transfer project in one of the most complex parts of commercial insurance to help better understand the ability of blockchain technology to improve trust and minimize sensitivity in other areas of insurance.
Blockchain provides an integrated overview of all the facts to all participants and offers participants a selective view based on their credibility. It can also track and record events and payments in any country related to its policy.
Reduces the level of transparency, errors and fraud, as well as the need for departments to communicate with each individual in order to share policy and payment information.
“The process that allows the insurer to arrange multinational contracts provides transaction security and contract security at various locations,” said Emily Jenner, director of operational risk insurable under the Standard License.
Marie Wieck, CEO of IBM Blockchain, called the solution a great opportunity to use Blockchain technology to change the insurance industry. The use of smart contracts to address regulatory rules in different markets reflects the impact of technology on improving productivity and creating new business models.
Ms. Jenner says international standards thoroughly test areas of importance to the company and cases of legal complexity to see how China’s blockchain technology can increase transaction efficiency.
Source : Iran Blockchaink Laboratory