Zhongan Technology helps build blockchain reinsurance experimental platform.

Recently, Zhongan Technology has applied blockchain technology to the insurance industry and is working on an experimental platform of blockchain reinsurance with China Insurance Regulatory Commission Shanghai Bureau.

Recently, Zhongan Technology has applied blockchain technology to the insurance industry and is working on an experimental platform of blockchain reinsurance with China Insurance Regulatory Commission Shanghai Bureau.

The block chain reinsurance experimental platform of China Insurance Regulatory Commission Shanghai Bureau is an inter-company reinsurance trading platform led by the bureau, with the participation of Zhongan Technology and a number of direct insurance institutions and reinsurance institutions.

The Bureau said that the purpose of the experimental platform is to verify the feasibility of applying blockchain technology in reinsurance practice and that blockchain technology has unique advantages in dealing with inter-company reinsurance transactions.

The reinsurance trading platform developed based on blockchain technology can complete the transaction stages such as negotiation, signing, insurance ceding, bill exchange, claim settlement and so on.

It can also be integrated into a unified multi-chain trading ecosystem and achieve a balance between improving transaction efficiency and protecting trade secrets, help to avoid transaction disputes and increase the granularity of exchange data, and improve the efficiency and accuracy of reinsurance bill processing.

Zhongan Technology said that at present, the integration of science and technology with the industry is getting higher and higher, and the competition to speed up the application of new technologies in various scenarios is becoming more and more fierce.

Disclaimer: This is an article created by Michael Liang for Chinasdg.org. You can find the original article here: https://chinasdg.org/2020/06/05/zhongan-technology-helps-build-blockchain-reinsurance-experimental-platform/.

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