Blockchain in the insurance industry: Stratumn and Deloitte study the capabilities of the technology
French blockchain startup Stratumn together with Deloitte and 14 another French companies are planning to implement blockchain technology in the insurance industry. Therefore, the companies are exploring the possibilities of integrating the technology in the field, CoinDesk writes.
The project was initiated by the French Federation of Insurers (FFA) with a mission to study and analyze the opportunities of applying blockchain technology for managing document flow in the field of insurance. In the context of the new law that allows customers to change insurance companies at any time after the first year of agreement ends, blockchain will help to streamline the paperwork.
Besides, the European Union’s General Data Protection Regulation (GDPR) will come into effect in May of 2018. The new solution will ensure quick and quality processing of customer data in compliance with the new regulation.
According to CEO of Stratumn Richard Caetano, the use of blockchain technology alongside different advanced cryptography techniques can improve the efficiency of interaction between companies.
Earlier, the German company Allianz presented a blockchain project to reform the approach to self-insurance services and activities of subsidiary insurance companies.