Symbiont, a New York-based blockchain startup, has announced that it will host a live WebEx demonstration of its platform for insurance industry participants on September 20, 2016.
During the demo, the firm will execute a live catastrophe swap contract between two hypothetical parties, which will be recorded on its distributed ledger. In addition, the demo will also follow the lifecycle of the swap, showing how Symbiont's proprietary smart contract technology handles various scenarios – including the trigger of a payment pursuant to the swap, and how the technology handles automatic updates when new industry loss estimates become available.
The participants will be able to view a side-by-side depiction of both parties to the hypothetical swap, allowing them to track what each party views at all times. This format will also show automatic updates to the ledger when events meet pre-defined triggers.
Symbiont is the technology partner for the State of Delaware's Blockchain Initiative (DBI), is partnering with Ipreo to revamp the $4.7 trillion syndicated loan market, and provided blockchain technology for a large European insurer's catastrophe swap pilot project in June 2016.
The company says that its smart contracts platform can automate several administrative functions currently performed by the insurance industry, thereby reducing costs and the potential for disputes. Symbiont also expects its technology to foster new business opportunities for insurers as the industry simplifies complex businesses processes.
Participants interested in the catastrophe swap live demo must pre-register. Only insurance industry executives, investors, brokers or consultants will be approved to participate. Symbiont will review all requests and send approved participants (from the insurance industry only) the instructions for joining the live WebEx demo.
