Insurance Market launches Inmediate, a new Eco System for Blockchain Insurance, in collaboration with Zilliqa, FWD and Deloitte.
Insurance Market, the Singapore online broker, today published a whitepaper marking the launch of Inmediate, a Singapore based collaborative eco system for blockchain based insurance.
Zilliqa the high throughput blockchain, Deloitte and FWD the innovative regional insurance group will be the launching partners. 4 more insurance groups will join in the pilot phase of the project, which lasts until Q1 of next year. Eventually the network is meant to be open to all insurance companies and distributors from Singapore, Asia and beyond.
“It gives us great pleasure to be supporting Inmediate which will be building its game-changing multi-suite insurance product on Zilliqa”, says Max Kantelia Zilliqa’s co-founder. “We are proud to be supporting meaningful applications which are able to take advantage of our scalable infrastructure, which has been tested to have a throughput of almost 2,500 transactions per second. This will be critical as an engine to power Inmediate’s growth in this space and bring the powers of decentralisation to the insurance sector”.
Observers have high expectations of the benefits that blockchain can bring to insurance. Notably much cheaper insurance, many more product variations, faster transactions, and omnipresent easy availability, also to the unbanked in emerging markets.
The nature of blockchain requires industry collaboration both internally and externally. For blockchain to have its full impact. Raj Juta, Insurance Leader of Deloitte said that insurers need to begin to work together and utilise help from outside the industry to drive development over a number of years.
The venture has been conceptualised by Insurance Market who are already known for their online insurance distribution and blockchain expertise. “This is a major step” says Otbert de Jong, CEO of Insurance Market. “The blockchain and its smart contract functionality will have a huge impact on the industry. What is needed now is a platform for all the disparate initiatives to come together on and a shared infrastructure to develop knowledge, speed, controls and commercial viability”.
Abhishek Bhatia, Group Chief Officer – New Business Models at FWD has pledged their commitment to the project, stating, “FWD is excited to be working with Insurance Market and Deloitte to investigate practical insurance applications of Blockchain technology. We believe that blockchain will play a powerful role in the future of insurance, helping forward thinking insurers to improve operational performance, and more importantly, provide greater transparency and efficiency to customers.”