European Insurance Firms Launch New Blockchain Consortium
Five major European insurance and reinsurance companies have partnered on a new blockchain initiative, seeking a potential new path for delivering faster and secure client services. The project, dubbed the Blockchain Insurance Industry Initiative, or B3i, is aimed at providing a meeting ground for the companies to exchange ideas, test use cases and pursue concepts that could ultimately reshape how they deliver insurance services. The firms taking part are Allianz, Aegon, Munich Re, Swiss Re and Zurich, constituting some of the biggest companies of their kind in the region. The group is the....
Related News
A group of 21 financial investment companies and five blockchain technology firms have signed a memorandum-of-understanding (MoU) to develop distributed ledger solutions as a blockchain consortium. Announced yesterday, the blockchain consortium is led by the Korea Financial Investment Association and sees a number of financial institutions and Fintech firms collaborate to form a blockchain think tank for the Korean capital market. According to Business Korea, the IT Committee of the association will be sharing its blockchain case studies and results of its technical research with the....
Chinese financial services firm Ping An Bank and a subsidiary of QQ instant message app maker Tencent are among more than 30 technology and financial firms in China that have formed a new consortium dedicated to blockchain tech. The Financial Blockchain Shenzhen Consortium was officially launched on 31st May during an event in Shenzhen, a development that marks the latest business alliance to collectively explore applications of the technology. Ping An itself is a member of the R3-led consortium of global financial institutions, and in the past year and a half, working organizations have....
MetLife Inc., one of the largest insurers in the world has joined the R3-led blockchain consortium that now counts 60 of the world’s largest financial institutions. Insurance giant MetLife is the latest financial institution to join the financial private blockchain consortium led by New York-based startup R3. MetLife will partner and interact with other R3 members in an effort to explore the potential application of blockchain technology in the insurance industry. Specifically, how distributed ledgers can streamline activities such as business processing, policy administration, customer....
The R3 blockchain consortium continues to attract attention in the financial world, as they have welcomed their first Chinese member in the form of Ping An Group. This partnership has nothing to do with the consortium seeking US$200m in additional funding, though. In a rather surprising turn of events, the R3 blockchain consortium added its first Chinese....
Blockchain startup R3CEV has added Hong Kong-based life insurance group AIA to the ranks of its global banking consortium. The announcement comes at a time when R3 is increasing its presence in Asia as well as diversifying its portfolio of participating financial institutions, having added China-based Ping An Insurance Group to its consortium in late May. In statements, R3 CEO David Rutter echoed this sentiment in remarks, seeking to position the move as one that adds new stakeholders to its conversation. In addition to creating in-house technologies, such as the smart contract distributed....