French blockchain startup Stratumn announced the completion of a pilot proof-of-concept platform for insurers, which was attended by 14 companies.
The experiment was conducted by the French Federation of insurers with the support of the consulting company Deloitte.
The purpose of the testing was to study the possibility of using the blockchain to manage insurance documentation in accordance with the new law that allows customers to change insurers at any time after the first year of the contract.
The system also aims to provide the customer data are processed according to the rules set by the Main regulations on data protection in the EU, which will enter into force in may 2018.
«We firmly believe that this technology in combination with advanced methods of cryptography are able to simplify the processes with the participation of several companies to the benefit of all parties involved,» said co-founder and head of Stratumn Richard Caetano.
We will remind that at present the large insurance companies are actively exploring the use of blockchain technology.
In October, insurance blockchain-B3i consortium has inducted 23 new members, including such major groups such as AIG and AIA. Now the group has more than 30 insurers and reinsurers.
And earlier this month, Allianz Global Corporate & Specialty (AGCS), one of the world’s largest insurance companies, announced the blockchain-a prototype based on the decision of Hyperledger Fabric 1.0, focused on the use of captive insurance policies.