Five Insurance Giants Join Forces On Blockchain

They are five of the biggest insurance companies in the world — yet despite being competitors they have found a reason to join forces. Aegon, Zurich, Munich Re, Allianz and Swiss Re have formed a group attempting to put blockchain through its paces and to make an assessment on whether the technology can truly make the insurance industry more efficient. According to a Financial Times report, the technology has been slow to take off in the insurance sector but smart contracts may be the answer as they put terms and conditions into code so they can be put into action automatically when specific trigger points are reached.