AIG issues blockchainbased policy
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.