AIG is­sues blockchain­based pol­icy

Banking Frontiers - - Blockchain -

Amer­i­can In­ter­na­tional Group, or AIG, said it has is­sued a Blockchain-based in­sur­ance pol­icy. The com­pany has been ex­per­i­ment­ing on a multi­na­tional smart con­tract-based in­sur­ance pol­icy us­ing blockchain in part­ner­ship with Stan­dard Char­tered Bank and IBM. AIG said the in­sur­ance sec­tor is seen to vastly ben­e­fit from the blockchain tech­nol­ogy and it will help cut down the pro­cesses that most in­sur­ance providers usu­ally face when­ever do­ing all the pa­per­work and fil­ing of all the re­quire­ments. With the aid of blockchain tech­nol­ogy, it will help speed up the pro­cesses for both the in­sur­ance provider and its cus­tomers. The com­pany con­verted a multi­na­tional, con­trolled mas­ter pol­icy writ­ten in the UK, and three lo­cal poli­cies in the US, Sin­ga­pore and Kenya, into a ‘smart con­tract’ that pro­vides a shared view of pol­icy data and doc­u­men­ta­tion in real-time.

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