The Chinese reinsurance market is moving closer to a blockchain reality as Zhong An Technology and several Chinese reinsurers including Hannover Re, China Re and the General Reinsurance Corporation are embarking on a collaborative blockchain initiative.
The aim is for multiple firms to view transactions more harmoniously, thus improving the flow of information. China Re and Zhong An have already completed a proof of concept to test areas including contracts, documents and claims.
In a joint statement released at an event in Shanghai last week, the companies stated: “We believe that the blockchain solution will help foster the application of the technology and promote the overall progress of domestic blockchain technology.”
“It will also help realize business connectivity, data exchange and technology value transfer based on blockchain, further enhance business value, share the dividends brought by technological innovation, promote the innovation and upgrading of the insurance industry.”
The work will be carried out under the supervision of the Chinese Insurance Regulatory Commission.
Hannover Re and General Reinsurance Corporation are members of the global Blockchain Insurance Industry Initiative (B3i).
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