Technology-driven professional non-life reinsurer Thai Re has launched a reinsurance smart contract production network using IBM blockchain technology on IBM Cloud.
Called ‘Insurer Network’, it has been established to help allow Thailand’s insurance industry to gain efficiency and speed in processing the reinsurance contracts.
Expected benefits include a reduction of forgery risk through a traceable, single version of truth documentation, and a decrease in potential data inaccuracies from manual multi-party reconciliation reinsurance contracts.
Thai Re hopes to streamline how it handles more than 10,000 annual reinsurance contracts with its insurance partners, making it easier for those insurers to grow their businesses.
“The COVID-19 pandemic and the need to digitally transform have urged organizations, not only in insurance industry but all, to bring efficiency to the way…
