First movers aim for blockchain disruption of insurance industry

AIG and Standard Chartered Bank say they have successfully deployed blockchain technology to improve the management of complex, multinational insurance policies, as Insurance Journal reports. Blockchain allows companies to record information in a shared ledger that is secure, unchangeable, and transparent to users. Working with IBM, the partners said that they were able to share information among themselves and with third parties in a way that met government requirements. Meanwhile, the tech company Bitfury Group is partnering with the brokerage firm Risk Cooperative in an effort to disrupt the insurance intermediation market, and PwC also is working on a blockchain prototype for the UK insurance market.

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