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The reinsurance solutions business of Aon PLC and Guy Carpenter & Co. LLC, a subsidiary of Marsh & McLennan Cos. Inc., are teaming with The Institutes RiskStream Collaborative to use distributed ledger technology in the reinsurance placement process, Aon said in a statement Wednesday.
They, along with industry partners including RenaissanceRe and Everest Re, have successfully tested a proof of concept to digitally and securely distribute submissions and receive quotes using distributed ledger technology, the statement said.
The project was built on RiskStream Collaborative’s Canopy framework and made extensive use of ACORD data standards, it added.
The project is now moving to the next development phase through a RiskStream working group with member carriers, brokers and reinsurers invited to contribute, the statement said, which will work to “digitize the reinsurance placement process with the overall goal of streamlining interactions within the reinsurance marketplace by creating secure digital methods and processes for cedents, brokers and reinsurers to manage treaties.”
“This project is an important first step in the path to improving transactional efficiency and creating value for our clients through blockchain,” John Crichton, chief information officer of Guy Carpenter, said in the statement.
“Distributed ledger technology has the potential to decrease costs, simplify processes and increase data security across all areas of risk management, and reinsurance, in particular, stands to benefit significantly from this technology,” added Christopher McDaniel, president of The Institutes RiskStream Collaborative.
(Reuters) — Germany has opened a consultation process on how to tap into the potential of blockchain technology ahead of presenting a strategy by the summer, government sources said on Monday.