SCOR, a global reinsurance company, announced that it has successfully tested and pleased with the results of a Technical Accounting Blockchain Proof of Concept (PoC) that was launched last year in a move to access the feasibility using blockchain to enhance the global community of insurers, brokers, and reinsurers.
The PoC test results demonstrated that blockchain technology is agile and quick to implement, has the potential to efficiently reduce costs associated, and accelerates interaction with real-time status simultaneously shared by involved business partners.
Also, SCOR has joined a consortium set up to explore the use of blockchain technology in the insurance industry – B3i. The blockchain consortium has added members joining from Asia, Europe, and the Americas, totaling to 15 members. The current members include Achmea, Aegon, Ageas, Allianz, Generali, Hannover Re, Liberty Mutual, Munich Re, RGA, SCOR, Sompo Japan Nipponkoa Insurance, Swiss Re, Tokio Marine Holdings, XL Catlin and Zurich Insurance Group.
“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,” Denis Kessler, Chairman & Chief Executive Officer of SCOR, commented.
The addition of consortium members follows the announcement made earlier in January 2017 that revealed the addition of new members soon and predicted that by 2018 could create an organization to manage contracts and claims, Reuters reported.
The B3i initiative members will together explore the ability of blockchain to increase efficiencies in the exchange of data between reinsurance and insurance companies. The members will also implement a pilot project that focuses on transacting reinsurance contracts with each other.
B3i initiative was formed in October 2016 by five leading global insurers and reinsurers namely Aegon, Allianz, Munich Re, Swiss Re and Zurich. The consortium is aimed to explore the potential of distributed ledger technologies to better serve clients through faster, more convenient and secure services.
