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Business Insurance: Blockchain technology breaks through

The use of blockchain technology is taking a small step forward in the commercial insurance industry as early efforts aim to highlight how the tool can be used to streamline the claims process and mitigate human error.

In June, American International Group Inc. said it had partnered with technology provider IBM and client Standard Chartered Bank P.L.C. in a pilot effort to create the first multinational, “smart contract” based insurance policy using blockchain.

Also last month, The Bitfury Group, a U.S. blockchain technology firm, said it formed a strategic partnership with Washington-based broker and adviser Risk Cooperative to use blockchain digital ledger technology in the broking market.

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