Reinsurance Giants Tap Blockchain for Data Transparency Boost

A group of reinsurance giants have said they will jointly develop a blockchain system in an effort to boost transparency in the industry.

Comprising the group are General Reinsurance Corporation and Hannover Re, the report said. Also involved in the project is China Re, the only reinsurance firm in China owned by the state and established by the country’s Ministry of Finance.

According to a news report, the plan was announced at an event in Shanghai on Friday.

While the reinsurance firms will be mainly responsible for providing business support, the report indicated, ZhongAn Technology – the technology arm of China’s first internet insurer ZhongAn – will lead the technological development.

The report said that, currently, a main challenge in the reinsurance industry in China is an information imbalance among parties, which ultimately leads to hikes in reinsurance costs and impedes the industry’s long term growth…

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