Insurance Giant John Hancock Begins Blockchain Tech Tests
Life insurance and financial services giant John Hancock has begun work on multiple blockchain proofs-of-concept designed to show how distributed ledger technology could reinvent established insurance industry processes. But, as yet, the proofs-of-concept aren’t actually related to insurance. Instead, the company that last year doled out $24.6bn in customer claims is exploring blockchain in a wide-range of areas of the business, with actual insurance applications only to come in the future. John Hancock’s head of innovation, Ace Moghimi, said his team was working on several blockchain....
Related News
Manulife announces its plan to implement blockchain technology at its US arm for wealth management operations. Manulife, a Canadian insurance service provider, has recently announced that it will be exploring the blockchain technology for its wealth management services. The company will be implementing the blockchain technology into its US business arm. In order to do that, Manulife Financial has struck a deal with ConsenSys, the Ethereum blockchain tools, and Dapps studio and BlockApps to implement the blockchain technology for its operations. The collaboration was announced to the press....
German-based insurance giant Allianz has announced it has been successfully testing Blockchain technology and smart contracts for the processing of default swaps and bonds. The company is feeling positive about the potential of technology to increase the competition among financial institutions. Allianz Risk Transfer, founded in 1997, has been operating as the center of competence for alternative risk transfer business within the Allianz Group offering tailor-made insurance, reinsurance and other non-traditional risk management solutions to industrial and financial clients worldwide.....
The blockchain technology has now entered the insurance sector, making it possible for the insurance companies to offer policies to suit the customers' needs. The use of blockchain technology in insurance sector is something relatively new. London, the fintech destination of Europe is the first one to explore the potential uses of distributed technology in the insurance industry. The Capital of England already has a couple of companies who have already implemented it into their offerings. The blockchain is known for its transparency, security, immutability and reliability. All the....
During a speech earlier this week at a London blockchain event, a senior UK official said that the government is looking to blockchain applications as it rethinks how public funds are being tracked. Matt Hancock, Minister of the UK Cabinet Office and a member of Parliament, told attendees of the event – organized by the nonprofit group Digital Catapult and the cryptocurrency research effort ran by Imperial College London – that the British government is in the midst of reimagining public services in the digital age, and that blockchain will likely play a role in the changes to come.....
An advisory council to the US Treasury Department focused on the insurance market will discuss blockchain tech at a meeting later this week. Set for tomorrow afternoon in Washington, DC, the Federal Advisory Committee on Insurance (FACI) will discuss a range of issues, according to publicly available materials, including the use of the tech in the US insurance market. The government said of the hearing: “In this meeting, the Committee will discuss a number of issues, including blockchain technology in the insurance sector, the changing auto safety landscape, and an overview of insurance....