General Reinsurance Corporation (Gen Re) has partnered with iXledger, a London-based insurtech firm, to utilise blockchain and distributed ledger technologies for reinsurance.
Gen Re, which has US$13 billion in capital and US$5.6 billion in premiums, is one of the world’s largest reinsurers, with business in life, health, and property and casualty segments. Meanwhile, iXledger is expanding throughout Europe and Asia. It develops innovative insurance solutions, based on blockchain technology, with the potential to improve efficiency and provide data privacy.
“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 for life/health research and development.
Ingemar Svensson, CEO of iXledger, added: “We are in an era where technology can harness the power of data and connectivity to better serve communities. In a regulated industry that is information-rich, blockchain can offer transparency and trust.”
The project aims to use iXledger’s technology to help Gen Re’s clients, which are mostly life and health insurance companies. It also aims to deliver transformative processes to these firms. Initially focusing on the UK, it will eventually expand to other markets, including Europe, Asia, and the US.
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