Increasing number of Blockchain initiatives in Insurance last months in UK, Netherlands, and Germany. Use cases are more complex than in Capital Markets, but are there
London Market Group (LMG) announced today that it is sponsoring a research project designed to investigate the potential for ‘insurance contracts of the future’ – helping contract participants reduce the friction and uncertainty of the current administrative processes. The LMG is a market-wide body, bringing together the specialist commercial (re)insurance broking and underwriting communities in London. It is supported by the International Underwriting Association of London (IUA), Lloyd’s of London, the Lloyd’s Market Association (LMA) and the London & International Insurance Brokers’ Association (LIIBA). Well known London Blockchain think-tank Z/Yen will lead the research, working with the London Market Target Operating Model (LM TOM) to bring together a range of wholesale brokers, insurers, re-insurers and transaction processing organisations to create a common view of the potential benefits that smart contracts could bring.