Tokio Marine receives international commendation for blockchain project

Firm also recognized as second-most innovative insurer, behind another global insurance giant

Tokio Marine receives international commendation for blockchain project

Insurance News

By Gabriel Olano

Tokio Marine & Nichido Fire Insurance was recognized at the second Efma-Accenture Innovation in Insurance awards held in London. The Japan-based insurer won in the “connected insurance & ecosystems” category and finished second in the Global Innovator of the Year main prize.

The insurer was awarded for its “Sharing Medical Information on Blockchain” offering, which allows the sharing of patients’ medical information among relevant parties using the blockchain platform. The project showed that by using the technology, there were less unnecessary medical examinations lower administrative costs, and better quality of service.

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The Efma-Accenture Innovation in Insurance awards, organized by financial non-profit Efma and global professional services firm Accenture, aims to showcase the best examples of insurance technology innovations in multiple categories. This year’s edition attracted nearly 220 entries from around 150 institutions in 38 countries.

Assicurazioni Generali S.p.A of Italy won as Innovator of the Year, with the judges’ panel rewarding its strong focus on innovation in all submissions, including its work on crowd sourcing, incubation initiatives, collaboration with start-ups and partnerships with global organizations.

Generali was followed by Tokio Marine & Nichido Fire in second place and AXA Group of France in third.

Piercarlo Gera, senior managing director for financial services, Accenture Distribution & Marketing, said: “This year’s entries truly set a new benchmark for innovation in insurance. It was clear from the diverse range of submissions that insurers around the world are acting with urgency to innovate for their customers and capitalize on emerging new technologies like artificial intelligence, the internet-of-things and blockchain.”

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