After teasing an announcement for several weeks, the Blockchain Insurance Industry Initiative, a consortium formed last year by five European insurers to explore blockchain technology in insurance, has added 10 new members.
The new additions bring the total number of participating insurers to five. Joining Swiss Re, Allianz, Aegon, Munich Re, and Zurich are:
- Hannover Re
- Liberty Mutual
- Sompo Japan Nipponkoa Insurance
- Tokio Marine Holdings
- XL Catlin
"The Blockchain initiative is particularly important in insurance where the secure and efficient exchange of information can benefit from disruptive technology that could eventually lead to game-changing applications," says Steve Hales, head of connected insurance at Generali Group. “We are excited to join this new initiative and look forward to playing an active part in it."
"We have been tracking the development of Blockchain for some time and can see opportunities emerging in the future where internal processes, transparency and cost efficiency could improve in the new digital world," adds Ageas COO Antonio Cano. "To be involved with this initiative reflects our commitment to innovation and a strong entrepreneurial culture.”
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