A blockchain-solution firm based in the UK, ChainThat has announced the unveiling of a new insurance exchange in Bermuda. The organization provides blockchain solutions to the insurance industry and has now stepped into a segment of blockchain-powered insurance exchanges. The new exchange will go live for the trail in the upcoming month of July.
Bermuda Insurance Exchange
The exchange will be known by the name, Bermuda Insurance Exchange and allow the stakeholders like insurance agents, brokers, and various insurance agencies to have access to the capital market using distributed ledger technology. In addition to the access to the capital, the exchange will also provide the services like transfer of capital interest between different parties including the captive insurers, brokers, direct insured, etc. Besides, one can transfer securities linked to the insurance and loss warranties through this exchange using blockchain technology.
Speaking on occasion, the chief executive officer of ChainThat, David Edwards said that the company is delighted while offering this new exchange to serve various stakeholders involved in the insurance industry. He expressed the hope that the new exchange will cut frictional losses and allow insurance companies, agents, and brokers to access the capital market using its distributed ledger technology. This is one of the real opportunities for Bermuda to establish itself as a leading market in the insurance sector through harnessing the potential of blockchain technology for the greater good of the industry, Edwards added further.
At the outset of its functioning, the exchange will offer a blockchain-based solution framework for the reinsurance market. Services offered in the first phase will include accounting, placement, and settlement of claims. In the next stage, the company will focus on launching similar services for the insurance-linked securities. Subsequently, the support for the warranties and securities including providing them with the trading platform will be offered by the ChainThat.
Business Development director of ChainThat, Rebecca Oliver emphasized that with the advent of this new insurance exchange, companies will have the opportunity to develop new market products and become more competitive in terms of their distribution reach and customer solutions. The exchange will enable the organizations to control the cost while enabling the innovation at the same time for reaping rich dividends in the future. With the help of automation, the new exchange will enable the organization to reduce the pricing of their products without losing out on the margins. This is sure to go a long way in enhancing their market performance and competitiveness. Just so you know, ChainThat also plans to open insurance exchanges across the globe and its exchange in Bermuda can certainly guide its global expansion strategy.