Categories > Insurance (1 to 2 of 2)

AIG smart policy

SummaryPilot of smart contract-based mutli-national insurance policy for Standard Chartered Bank
CategoriesInsurance
Market statusUnder development
StatusPermissioned • Hyperledger Fabric (permissioned)
Action (Smart Contract)?Yes
ApplicationMultinational insurance contacts; converted a multinational, controlled master insurance policy written in the UK, and three local policies in the U.S., Singapore and Kenya, into a smart contract that provides a shared view of policy data and documentation in real-time. Also allows visibility into coverage and pemium payment at the local and master level as well as automated notification to participants following payment events
Date/TimelinePilot completed in June, 2017
Notesprovides efficiency and transparency in underwriting process; the pilot demonstrated the ability to include third parties in the network, such as brokers, auditors and other stakeholders, giving thema customized view of policy and payment data and documentation
Source URL #1www.insurancejournal.com • Verified 200 OK

B3i

SummaryBlockchain Insurance Industry Initiative, Working prototype: Property Cat XOL contract
CategoriesInsurance
Market statusUnder development
TypesBlockchain • Blockchain (Hyperledger)
StatusPublic, Private • Hyperledger (Public and Private: One shared Master Data ledger that contains commona nd agreed master data including public company information and common contract clauses; and another shared Communication ledger that is cryptographically secured and stores the communication used to consent on the state of the private organization ledgers)
Action (Smart Contract)?Yes
ApplicationInsurance: multi-party transaction, smart contract, approvals, settlement, asset transfers
Traits (blockchain)a shared process, calculation, settlement and reporting on a distributed ledger
Date/TimelinePrototype testing completed October 2017; launched 2018
Notes*more info on blockchain & smart contracts in the insurance industry can be found at "Insureblocks": https://www.insureblocks.com/
Source URL #1b3i.tech • Verified 200 OK