Will blockchain revolutionize insurance? One company seems to think so, and it’s positioning itself to capitalize on it.
According to a press release, LoCo HK, a Hong Kong-based commodity exchange service provider, has teamed up with InsurChain to promote insurtech development on a global scale and also prep InsurChain for the establishment of its blockchain-based ecosystem in the future.
InsurChain is an insurance-focused blockchain-based ecosystem whose businesses include InsurChain Blockchain, InsurChain applications (PBS-Guard) and various ecosystem projects. InsurChain wishes to enable everyone to freely design, purchase and invest in insurance policies and products, to improve the experience and efficiency of claims, to eliminate intermediaries and to build a brand new insurance ecosystem with the help of blockchain.
Li Pu, director of China for InsurChain, believes that “Blockchain will become an important engine to boost the development of insurance. Blockchain-based insurance is going to disrupt the industry in the near future, to become a fundamental part of insurance and maybe even to reshape the industry forever.”
If that’s the case it looks like they’re setting themselves up pretty well. Citing the Global insurance review, the press release says that global life and non-life premiums have grown steadily over the past few years, and will continue to do so in the near future, especially in Asia.
Premium income in China reached 3.6 trillion RMB (557 million USD) in 2017, which is an 18.16% growth compared with the same time last year. InsurChain believes that insurance will continue as a high-growth market in the foreseeable future.
Photo: uberof202 ff