Gen Re has partnered with London-based vendor iXledger to develop a blockchain platform for its life and health insurance clients.
The objective is to develop early use cases that both leverage the girth of data available to carriers and offer regulators transparency. The project will initially focus on the UK, with the potential to expand to other markets, including the rest of Europe, Asia and the U.S.
"We are very pleased to have established this strategic collaboration with iXledger to create transformative solutions that better serve the needs of our clients," said Ross Campbell, Gen Re’s chief underwriter, life/health Research & development, in a statement.
Gen Re, which also serves P&C insurers, recently partnered with four other carriers to launch a new innovation lab in Cologne, Germany. The lab is focused on creating new solutions for carriers using data science and other digital technologies. The venture, dubbed InsurLab, is open to insurers, startups and related service providers.
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