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AIG smart policy

SummaryPilot of smart contract-based mutli-national insurance policy for Standard Chartered Bank
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
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SummaryBlockchain Insurance Industry Initiative, Working prototype: Property Cat XOL contract
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":
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