American International Group Inc. announced it has partnered with IBM and Standard Chartered Bank P.L.C. to create the first multinational, “smart contract” based insurance policy using blockchain. Additionally, the Blockchain Insurance Industry Initiative, known as B3i, has grown to 15 members since its formation in October 2016, led by reinsurers Munich Reinsurance Co. and Swiss Re Ltd., along with insurers Aegon N.V., Allianz S.E. and Zurich Insurance Group Ltd. Other members include Assicurazioni Generali S.p.A., Hannover Re S.E., Liberty Mutual Insurance Co., Scor S.E., and XL Group Ltd., which does business as XL Catlin.
Both projects show the promising progress that has been made with blockchain technology in the insurance industry.
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