May 2020
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2020.05.13
Testing of Business Process Automation for Insurance Policies Using Blockchain
Testing of Business Process Automation for Insurance Policies Using Blockchain Automation of Insurance Claims Payment Using Smart Contracts Tokio Marine Nichido Fire Insurance Co., Ltd. (President and Representative Director: Shinichi Hirose, hereinafter “Tokio Marine Nichido”) and DeCurret Inc. (President and Representative Director: Kazuhiro Tokita, hereinafter “DeCurret”) conducted testing the use of the blockchain technology to automate insurance contract processes since March 2020, including collection of premiums and payment of claims. １．Background Taking out an insurance policy involves paperwork ranging from payment of premiums and receipt of claims. Use of business and financial transaction processes that take advantage of characteristics of digital currency and blockchain technologies can make such paperwork more efficient and faster, helping to improve customers convenience. It is also expected to contribute greatly to making insurers’ business processes more efficient and faster. Tokio Marine Nichido and DeCurret plan to test a transaction system that uses digital-currency and blockchain
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