NEC & Eight Unnamed Japanese insurers Look at Blockchain for Collective Insurance
Japan’s General Insurance Association (GIA) is laboring with NEC to assess how far blockchain can enhance efficiency of operations.
Along with GIA, eight un-named insurers are partaking in the use of joint insurance policies, where a single policy is covered by multiple insurers by forming a syndicate.
Detailed interaction between companies is necessary for issuing insurance policies in a joint manner so that each insurer is in the same page with others as the info keeps flowing.
Therefore, rather than sending multiple emails back and forth, the plan is to develop a common blockchain validated data platform. The intention is to distribute contract info without any kind of documentation.
With the outbreak of Covid-19, the organizations also prefer reconsideration of prevailing procedures, specifically for face-to-face processes or examining written records.
The partaking insurers have not pointed out, but leading Japanese insurers Tokio Marine, Sompo Japan and Mitsui Sumitomo are proactive in blockchain than rest if the insurance firms.
Two years back, Tokio marine, a founding member of the global B3i blockchain insurance platform, partnered with NTT Data in a marine venture. The latter is part of a Japanese blockchain trade association, referred to as TradeWaltz, where the aforesaid insurers are members. Tokio Marine and SOMPO are also partaking in the Singapore TradeTrust initiative.