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2020: 11 insurance companies implemented a blockchain for instant data exchange about clients
At the beginning of April, 2020 the Commission on financial supervision of Taiwan approved testing new an insurance blockchain project which should facilitate work of insurers. Eleven Taiwanese insurance companies implemented this blockchain project for instant data exchange about clients.
Now, if the person insured by the different companies changes the address, it is enough to it to send the updated information to one of them, and all data will be transferred to other insurers. And if he shows a request on one of insurance policies, the smart contract a blockchain project will notify on it other companies for initiation of parallel queries in the same occasion.
Eleven insurance companies participating in alliance include Xinguang Life, Cathay Life, Taiwan Life, Nanshan Life, Fubon Life, Yuanta Life, China Life, Global Life Insurance, First Gold Life Insurance, Cathay Property Insurance and Fubon Property Insurance. In an initiative the industry organization — Commercial association of life insurance also participates in China. Tests of the new project will begin on July 1, 2020 and six months will last.
In addition the integrated platform will help to reveal fraud cases, for example, at sudden acquisition of several policies for life insurance shortly before the death of their owner or in case of intended damage of property.
Insurance is one of sectors where the technology of a blockchain or the distributed ledger (DLT) provides substantial increase of efficiency. The new consortium of insurance companies is not lonely — there are several similar associations worldwide. Two the largest are RiskStream Alliance in the USA and the Swiss company B3i. In China work on standards of blockchain platforms for insurance is already conducted.[1]
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