eReinsure.com, Inc., a global specialty insurance distributor and part of AmWINS Group, will offer a blockchain service linked to its reinsurance platform to help companies share information.
According to Igor Best-Devereux, CEO of eReinsure, blockchain’s distributed ledger capabilities could facilitate a new way for information to be shared between the parties to reinsurance contracts. He added the service complements eReinsure’s efforts to streamline the reinsurance market with cost effective services.
“Blockchain offers some intriguing capabilities, but in reality, reinsurance specialists need a practical system that works for them and deals with the reality of workflow and data management,” said Best-Devereux. “A number of our clients have expressed interest in Distributed Ledgers but want to retain the familiar negotiation and automation workflow, plus the user interface developed by eReinsure.”
He said by eReinsure offering the blockchain technology clients have the ability to use it within the established eReinsure business network.
“Our objective is to offer an open framework that can allow clients to leverage work on industry standards and readily available and cost-effective cloud infrastructure,” he said.
Best-Devereux added early implementations will be a collaboration with clients as they and the industry consider the value proposition and relative merits of Blockchain, and the company will help address questions of data privacy, identity resolution, immutability, and the legal and regulatory compliance framework that could arise with the technology.
eReinsure’s expertise is in property, casualty, professional lines and specialty group benefits products, with the company experiencing a record month in December 2017. In the 31 days leading up to the Jan. 1, 2018 renewal date, 6,741 reinsurance professionals at 489 companies located in over 70 countries requested, quoted and bound reinsurance contracts using eReinsure’s reinsurance-placing technology, according to the company.
Founded in 1999, eReinsure.com is located in Salt Lake City, Utah, and has additional offices in London and New York City. eReinsure was acquired by AmWINS Group, Inc. in 2014.
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