Blockchain Embraced Insurer Re Partners VIPR for On-Chain Data Standardization
Re, a leading reinsurance company that leverages blockchain technology, has recently unveiled a strategic collaboration with VIPR Solutions (VIPR). The primary aim of this collaborative effort is to bolster security measures, optimize operational procedures, and enhance visibility by establishing a connection between managing general agents (MGAs), underwriters, reinsurance brokers, and capital through the utilization of blockchain technology.
The formation of this partnership signifies a notable progression within the reinsurance industry, introducing a multitude of favorable developments and opportunities for all stakeholders. Historically, there has been a significant decline in data integrity as it moves through the various stages of the insurance value chain. With the assistance of VIPR, Re is now able to guarantee the security and immutability of on-chain data. This enables regulators, underwriters, and capital providers to have a consolidated perspective on the performance of any specific insurance program.
Re, a reinsurance capital provider to insurers, was founded in late 2022. It is recognized for its innovative utilization of blockchain technology. This platform offers its members the opportunity to access insurance premiums while enjoying an unmatched level of transparency in terms of capital position and performance. Despite being a relatively new player in the market, Re has already achieved a commendable feat by managing a substantial $35 million in gross written premiums across the United States. However, the company’s aspirations do not stop there, as it aims to significantly increase this figure to surpass the $100 million mark in the near future.
Karn Saroya, the Chief Executive Officer of Re, expressed the significance of having a distinguished partner such as VIPR to facilitate our protocol in the reinsurance industry. With the sector undergoing rapid expansion, the ability to securely and effortlessly share data while adhering to standardized practices becomes paramount. The implementation of VIPR’s advanced data platform will significantly enhance our capacity to provide comprehensive support to a wide array of insurance companies and their programs. This will further augment the transparency and intricacy of Re’s protocol.
Paul Templar, the esteemed founder and Chief Executive Officer of VIPR, expressed a similar viewpoint, affirming that Re’s innovative methodology in the realm of reinsurance is revolutionizing the industry. By harnessing the power of blockchain technology, Re is able to enhance transparency and introduce fresh capacity to insurers and Managing General Agents (MGAs). We are delighted to announce our collaboration with Re, where we will leverage our extensive knowledge in data management to bolster their groundbreaking mission. In collaboration, we shall lay the groundwork for Re’s protocol by implementing essential systems, processes, and technology. This will ensure a robust foundation for their operations.
The partnership between Re and VIPR represents a positive outlook for the reinsurance sector, as technology assumes a prominent role in driving progress, enhancing transparency, and creating novel prospects for all parties involved.