International reinsurance company SCOR has completed its blockchain technology tests, which were initiated in September, 2016. The France-based firm announced its satisfaction with the results and will look to adopt the technology in its operations.
Last year, SCOR launched a technical accounting blockchain proof of concept (PoC) to determine the feasibility of using blockchain technology to enhance the Ruschlikon initiative, which aims to connect (re)insurance industry members in a faster and more efficient manner.
SCOR concluded that blockchain technology is agile and quick to implement, simplifies and quickens interaction, allowing real-time status updates for all involved parties, and has potential to lower costs.
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, chairman and CEO of SCOR, commented: “SCOR’s role as a global Tier 1 reinsurer is to experiment and test cutting-edge technology like blockchain. The success of the proof of concept conducted by SCOR on blockchain, along with the work of the B3i members on this technology, will help to accelerate the digitalization of the (re)insurance sector, to the benefit of the whole industry.”
To learn more about the potential benefit of blockchain’s distributed ledger technology to the insurance industry, SCOR joined the Blockchain Insurance Industry Initiative (B3i). The initiative has 15 members from all over Asia, Europe, and the Americas, including global names such as Allianz, Generali, Sompo
Japan, Swiss Re, Tokio Marine, and Zurich
Each of the B3i’s members will implement a pilot project that will transact reinsurance contracts with each other, in order to come up with a proof-of-concept. If successful, blockchain can transform the insurance industry by having a transparent shared record of contract-related information, as well as streamlined communications.
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