Insurers complete blockchain test in China

Nine insurers and the market’s first insurance asset trading platform come together to try out the new technology

Insurers complete blockchain test in China

Insurance News

By Gabriel Olano

The Shanghai Insurance Exchange has cooperated with nine insurers to conduct a blockchain trial to learn more about the technology.
The group aims to explore the security and traceability features of blockchain and how it benefits the insurance industry by solving the credibility issues faced by many insurers. Established in 2016, the Shanghai Insurance Exchange is the first-ever insurance asset trading platform in China.
Meiji Yasuda Life Insurance, AIA Group, Cathay Life Insurance, China Continent Property & Casualty Insurance, and Minsheng Life Insurance are among the firms that participated in the blockchain test, according to a report by Sina Finance.

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Wang He, vice president of People’s Insurance Company of China, said in a statement that he believes blockchain and insurance go well together due to the insurance industry’s nature to rely on disparate systems with numerous participants joined by the need to share information.
Organizations that want to utilize blockchain should also work with several other technologies, such as big data and artificial intelligence, in order to maximise the benefit for businesses, Wang added.

There has been considerable interest in blockchain among insurance players in China. Several firms such as Sunshine Insurance, Ping An Group, ZhongAn Online Property Insurance, and Taikang Life have conducted their own tests for the technology.

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