Gen Re Looks At Blockchain Technology For Re-Insurance Market

On August 29, 2017, Ethereum blockchain-based iXledger (formerly InsureX Technologies) announced a partnership with Berkshire Hathaway-owned reinsurance provider General Re (Gen Re).

The companies will work together to "develop solutions for life and health insurance utilizing blockchain and other advanced technologies." Built on the Ethereum blockchain, iXledger is expanding throughout Europe and Asia from its London headquarters. In turn, Gen Re, which has $13 billion in capital and $5.6 billion in premiums, is one of the larger reinsurers serving the life, health, property, and casualty insurance industries. Working together, the companies will leverage their comparative advantages to develop blockchain solutions.

On the partnership, Ross Campbell, Chief Underwriter of Life/Health Research and Development at Gen Re, said, "We are very pleased to have established this strategic collaboration with iXledger to create transformative solutions that better serve the needs of our clients." 

Ingemar Svensson, CEO of iXledger, addressed how blockchain technology can deliver accountability to his industry. "We are in an era where technology can harness the power of data and connectivity to better serve communities.  In a regulated industry that is information rich, blockchain can offer transparency and trust."

Gen Re's clients will be able to make use of iXledger's technology for the life and health insurance markets. While rolling out initially in the United Kingdom, both companies have a goal of expanding the project into additional markets, including continental Europe, Asia, and the United States.