NEW YORK - 15 Jun 2017: American International Group
Inc. (NYSE: AIG), IBM (NYSE: IBM ) and Standard
Chartered Bank plc announced they have successfully
piloted the first multinational, “smart contract” based
insurance policy using blockchain, a distributed ledger
technology.
The blockchain solution creates a new level of trust and
transparency in the underwriting process, enabling AIG
and Standard Chartered to deliver multinational
insurance more efficiently. Coordinating management
and placement of multiple insurance policies across
multiple countries is highly complex. The pilot solution
was built by IBM and is based on Hyperledger Fabric – a
blockchain framework and one of the Hyperledger
projects hosted by The Linux Foundation.
Working together, AIG, Standard Chartered and IBM
converted a multinational, controlled master policy
written in the UK, and three local policies in the US,
Singapore and Kenya, into a “smart contract” that
provides a shared view of policy data and documentation
in real-time. This also allows visibility into coverage
and premium payment at the local and master level as
well as automated notifications to network participants
following payment events. The pilot also demonstrates
the ability to include third parties in the network, such
as brokers, auditors and other stakeholders, giving them
a customized view of policy and payment data and
documentation.
Rob Schimek, CEO of Commercial, AIG said: “Our pilot
proves blockchain has a powerful role to play in the
future of insurance. Any technology, including
blockchain, that can increase trust and transparency for
an industry whose pillars are built on that, should be
fully explored. We’re excited to be delivering innovation
that matters to our clients – and co-developing key
components of this new technology together.”
The three parties chose to execute this initiative in one
of the most complicated areas of Commercial Insurance
– multinational risk transfer – to better understand
blockchain’s potential to reduce friction and increase
trust in other areas of the insurance value chain.
How it works:
Blockchain, an immutable, security rich and transparent
shared digital ledger provides a single view of truth
across all participants while simultaneously providing
selective visibility to participants based on their
credentials.
It provides the ability to record and track events and
associated payments in each country related to the
insurance policy.
No one party can modify, delete or even append any
record without the consensus from others on the
network.
This level of transparency helps reduce fraud and errors,
as well as the need for the parties to contact each other
to view policy and payment data and the status of
policies.
Emily Jenner, Head of Insurable Operational Risk at
Standard Chartered, said: “As a global bank we have to
ensure consistent, trustworthy and secure financial
transactions, be that as part of our business or as
customers ourselves. By creating a process by which we
can arrange multinational insurance contracts through
blockchain we not only have transaction security but
contract certainty across multiple business locations.”
Marie Wieck, General Manager, IBM Blockchain said:
“There is tremendous opportunity to apply
advancements in blockchain technology to transform the
insurance industry. By helping solve some of the
biggest problems challenging the industry from
eliminating silos of information to improving efficiency,
blockchain can truly make an enormous impact and even
lead to new business models.”
The multinational “master policy” is written out of
London and for the pilot, three local policies were
chosen that cover the US, Kenya and Singapore. These
three jurisdictions were chosen because the US is a
large and complex market, Singapore is a growth market
for Standard Chartered, and Kenya has a specific
regulatory requirement, known as “cash before cover”
which means that cover must be paid for before it is
valid.
“We chose these three territories because of their
importance to Standard Chartered and also because of
their regulatory complexity, so that we could fully test
how blockchain technology might make these contracts
work more efficiently,” said Standard Chartered’s Jenner.
AIG
American International Group, Inc. (AIG) is a leading
global insurance organization. Founded in 1919, today
AIG member companies provide a wide range of property
casualty insurance, life insurance, retirement products,
and other financial services to customers in more than
80 countries and jurisdictions. These diverse offerings
include products and services that help businesses and
individuals protect their assets, manage risks and
provide for retirement security. AIG’s core businesses
include Commercial Insurance and Consumer Insurance,
as well as Other Operations. Commercial Insurance
comprises two modules – Liability and Financial Lines,
and Property and Special Risks. Consumer Insurance
comprises four modules – Individual Retirement, Group
Retirement, Life Insurance and Personal Insurance. AIG
common stock is listed on the New York Stock Exchange
and the Tokyo Stock Exchange.
Additional information about AIG can be found at
www.aig.com and www.aig.com/strategyupdate |
YouTube: www.youtube.com/aig | Twitter:
@AIGinsurance www.twitter.com/AIGinsurance |
LinkedIn: www.linkedin.com/company/aig . These
references with additional information about AIG have
been provided as a convenience, and the information
contained on such websites is not incorporated by
reference into this press release.
AIG is the marketing name for the worldwide property-
casualty, life and retirement, and general insurance
operations of American International Group, Inc. For
additional information, please visit our website at
www.aig.com . All products and services are written or
provided by subsidiaries or affiliates of American
International Group, Inc. Products or services may not be
available in all countries, and coverage is subject to
actual policy language. Non-insurance products and
services may be provided by independent third parties.
Certain property-casualty coverages may be provided by
a surplus lines insurer. Surplus lines insurers do not
generally participate in state guaranty funds, and
insureds are therefore not protected by such funds.
IBM
IBM is the leader in open-source blockchain solutions
built for the enterprise. As an early member of
Hyperledger, an open source collaborative effort created
to advance cross-industry blockchain technologies, IBM
is dedicated to supporting the development of openly-
governed blockchains. IBM has worked with more than
400 clients across financial services, supply chains, IoT,
risk management, digital rights management and
healthcare to implement blockchain applications. For
more information about IBM Blockchain, visit
www.ibm.com/blockchain .
Contacts information
Holli Haswell
IBM External Relations, Industry Platform
1 (720) 396-5485
Nicola Ratchford
Head of Communications, AIG Europe Ltd.
+44 20 3217 1789
Bart Nash
Head of Corporate Affairs, Europe -
Standard Chartered
+44 207 885 7598
Hannah Slocum
IBM External Relations
1 (978) 877-0105
Matt Gallagher
Head of Communications, AIG Commercial
1 (212) 458-3247
Inc. (NYSE: AIG), IBM (NYSE: IBM ) and Standard
Chartered Bank plc announced they have successfully
piloted the first multinational, “smart contract” based
insurance policy using blockchain, a distributed ledger
technology.
The blockchain solution creates a new level of trust and
transparency in the underwriting process, enabling AIG
and Standard Chartered to deliver multinational
insurance more efficiently. Coordinating management
and placement of multiple insurance policies across
multiple countries is highly complex. The pilot solution
was built by IBM and is based on Hyperledger Fabric – a
blockchain framework and one of the Hyperledger
projects hosted by The Linux Foundation.
Working together, AIG, Standard Chartered and IBM
converted a multinational, controlled master policy
written in the UK, and three local policies in the US,
Singapore and Kenya, into a “smart contract” that
provides a shared view of policy data and documentation
in real-time. This also allows visibility into coverage
and premium payment at the local and master level as
well as automated notifications to network participants
following payment events. The pilot also demonstrates
the ability to include third parties in the network, such
as brokers, auditors and other stakeholders, giving them
a customized view of policy and payment data and
documentation.
Rob Schimek, CEO of Commercial, AIG said: “Our pilot
proves blockchain has a powerful role to play in the
future of insurance. Any technology, including
blockchain, that can increase trust and transparency for
an industry whose pillars are built on that, should be
fully explored. We’re excited to be delivering innovation
that matters to our clients – and co-developing key
components of this new technology together.”
The three parties chose to execute this initiative in one
of the most complicated areas of Commercial Insurance
– multinational risk transfer – to better understand
blockchain’s potential to reduce friction and increase
trust in other areas of the insurance value chain.
How it works:
Blockchain, an immutable, security rich and transparent
shared digital ledger provides a single view of truth
across all participants while simultaneously providing
selective visibility to participants based on their
credentials.
It provides the ability to record and track events and
associated payments in each country related to the
insurance policy.
No one party can modify, delete or even append any
record without the consensus from others on the
network.
This level of transparency helps reduce fraud and errors,
as well as the need for the parties to contact each other
to view policy and payment data and the status of
policies.
Emily Jenner, Head of Insurable Operational Risk at
Standard Chartered, said: “As a global bank we have to
ensure consistent, trustworthy and secure financial
transactions, be that as part of our business or as
customers ourselves. By creating a process by which we
can arrange multinational insurance contracts through
blockchain we not only have transaction security but
contract certainty across multiple business locations.”
Marie Wieck, General Manager, IBM Blockchain said:
“There is tremendous opportunity to apply
advancements in blockchain technology to transform the
insurance industry. By helping solve some of the
biggest problems challenging the industry from
eliminating silos of information to improving efficiency,
blockchain can truly make an enormous impact and even
lead to new business models.”
The multinational “master policy” is written out of
London and for the pilot, three local policies were
chosen that cover the US, Kenya and Singapore. These
three jurisdictions were chosen because the US is a
large and complex market, Singapore is a growth market
for Standard Chartered, and Kenya has a specific
regulatory requirement, known as “cash before cover”
which means that cover must be paid for before it is
valid.
“We chose these three territories because of their
importance to Standard Chartered and also because of
their regulatory complexity, so that we could fully test
how blockchain technology might make these contracts
work more efficiently,” said Standard Chartered’s Jenner.
AIG
American International Group, Inc. (AIG) is a leading
global insurance organization. Founded in 1919, today
AIG member companies provide a wide range of property
casualty insurance, life insurance, retirement products,
and other financial services to customers in more than
80 countries and jurisdictions. These diverse offerings
include products and services that help businesses and
individuals protect their assets, manage risks and
provide for retirement security. AIG’s core businesses
include Commercial Insurance and Consumer Insurance,
as well as Other Operations. Commercial Insurance
comprises two modules – Liability and Financial Lines,
and Property and Special Risks. Consumer Insurance
comprises four modules – Individual Retirement, Group
Retirement, Life Insurance and Personal Insurance. AIG
common stock is listed on the New York Stock Exchange
and the Tokyo Stock Exchange.
Additional information about AIG can be found at
www.aig.com and www.aig.com/strategyupdate |
YouTube: www.youtube.com/aig | Twitter:
@AIGinsurance www.twitter.com/AIGinsurance |
LinkedIn: www.linkedin.com/company/aig . These
references with additional information about AIG have
been provided as a convenience, and the information
contained on such websites is not incorporated by
reference into this press release.
AIG is the marketing name for the worldwide property-
casualty, life and retirement, and general insurance
operations of American International Group, Inc. For
additional information, please visit our website at
www.aig.com . All products and services are written or
provided by subsidiaries or affiliates of American
International Group, Inc. Products or services may not be
available in all countries, and coverage is subject to
actual policy language. Non-insurance products and
services may be provided by independent third parties.
Certain property-casualty coverages may be provided by
a surplus lines insurer. Surplus lines insurers do not
generally participate in state guaranty funds, and
insureds are therefore not protected by such funds.
IBM
IBM is the leader in open-source blockchain solutions
built for the enterprise. As an early member of
Hyperledger, an open source collaborative effort created
to advance cross-industry blockchain technologies, IBM
is dedicated to supporting the development of openly-
governed blockchains. IBM has worked with more than
400 clients across financial services, supply chains, IoT,
risk management, digital rights management and
healthcare to implement blockchain applications. For
more information about IBM Blockchain, visit
www.ibm.com/blockchain .
Contacts information
Holli Haswell
IBM External Relations, Industry Platform
1 (720) 396-5485
Nicola Ratchford
Head of Communications, AIG Europe Ltd.
+44 20 3217 1789
Bart Nash
Head of Corporate Affairs, Europe -
Standard Chartered
+44 207 885 7598
Hannah Slocum
IBM External Relations
1 (978) 877-0105
Matt Gallagher
Head of Communications, AIG Commercial
1 (212) 458-3247
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