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NEW YORK — The insurance industry may be better suited for blockchain than the financial services sector, which created its own solution, according to a panel discussion hosted Monday by the New York City Bar Association.

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Fosbury_high_jump

Jags Rao, from Swiss Re explores how a maverick mentality can turn the tables on tradition and have a global impact.

In 1968, Richard Fosbury broke the world record for the high jump with a technique he adopted which is know universally know as the "Fosbury Flop". He broke convention with his unique style challenging the status quo.

Much like the Fosbury Flop, blockchain technology is challenging the status quo in financial transactions. Could it do the same for insurance?

Jags Rao thinks so and so does B3i. Read the full article published in Open Government Access here.

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City A.M recently published a thought provoking article suggesting that the insurance industry is about to be hit by a tsunami: blockchain technology.

"Blockchain and smart contracts could improve sector efficiency by up to 30 per cent, according to blockchain insurance industry initiative B3i. Blockchain will make the cost of reinsurance processes and claims cheaper."

The author, Bundeep Singh Rangar, comments that "We ignore the challenge at our peril: if incumbents don't step up, new entrants will."

Read more at: http://bit.ly/2Ec2RC5

 

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On Sunday 10th September, B3i showcased a fully functional beta-version of its integrated blockchain solution for the re/insurance industry at the Monte Carlo RVS event. The launch of the prototype named Codex1, was very well attended and was warmly received by the market and press.

Summarised details of the event are shown below.

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