Mitsui Sumitomo’s MSIG Insurance has signed a memorandum of understanding with Inmediate to explore new insurance products that leverage blockchain and smart contracts.
As part of the partnership, MSIG Insurance will commit operational expertise, systems support and product development guidance to the pilot blockchain project.
“The experimentation on blockchain technology is likely to lend deeper insights on how blockchain can provide better digital experience to our customers and improve the insurance value chain,” said Michael Gourlay, chief executive of MSIG Insurance in Singapore. “The partnership with Inmediate will enable us to leverage on each other’s strengths and further expand the possibilities of our digital innovations.”
Inmediate’s ecosystem is expected to be launched in the second half of the year. Consumers will be able to use the platform and customise insurance coverage to their needs.
“We are immensely excited to work with MSIG on this ground-breaking project that aims to unlock the full potential of blockchain-powered insurance contracts,” said Orbert de Jong, founder and chief executive of Inmediate. “There are going to be vast benefits for participants in our ecosystem, and consumers can potentially look forward to experiencing more complete insurance coverage a wider scope of events, while enjoying the peace of mind from the security that blockchain offers.”
The platform will enable the insurance contract information to be stored onto consumers’ digital wallets for real-time processing. If a predetermined set of insured events have occurred, the smart contract will trigger a claims payout to the consumers via their digital wallet.
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