Zikto, the Korean insurtech startup behind the Insureum Protocol, has signed a memorandum of understanding with AXA, through its affiliate AXA Direct Korea, to develop blockchain-based insurance products.
Zikto said its agreement with AXA is the first step towards extending the benefits of blockchain technology to a wide consumer-base across the world.
Zikto will provide application programming interface, or API, as well as its digital coin Insureum to be used on the platform, while AXA will be responsible for the development, marketing and sales of insurance products.
Their first collaboration products are expected to debut later this year.
The agreement will integrate the Insureum Protocol across the entire spectrum of insurance processes: data integration, product development, sales and marketing, and claim management.
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