AIG, IBM and Standard Chartered Bank have piloted a new collaborative insurance policy leveraging blockchain.
Commercial policies written in the UK, U.S., Singapore and Kenya were converted into a single “smart contract" providing a shared view of policy data and documentation in real time. Stakeholders gained visibility into coverage and premium payment at the local and master levels, as well as automated notifications to network participants following payments. Brokers, auditors and other third partiers are also included in the chain, giving them a customized view of policy and payment data and documentation.
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