A blockchain-based platfom for insurance is being created in Hong Kong by a financial industry self-regulator called The Hong Kong Federation of Insurers (HKFI), reported Coindesk on April 13.
The Secretary for Hong Kong’s Financial Services and the Treasury Bureau, James Lau, mentioned during a speech at the Annual Reception of Hong Kong Federation of Insurers that “financial technology is revolutionising the financial services industry globally, and the insurance industry is no exception.”
The HFKI expressed that the blockchain-based platform will be for motor insurance and that the insurance industry must continue to give sufficient ressources to evolve with new technologies.
Lau said in his speech,
“The use of blockchain technology can raise business efficiency and allow insurers to enjoy easy and secure access to timely and accurate data. In this regard, I am glad to note that HKFI is developing a blockchain e-platform for motor insurance.I encourage
the insurance industry to continue to devote more resources to embrace Insurtech.”
Earlier in March, the international division of Hong Kong Telecom (HKT), Colt and PCCW Global claimed it had created a blockchain-based technology that increases the speed of payment settlement between telecom companies.
Others also see the benefit of using the technology for insurance such as B3i, which announced it was going to launch a blockchain for insurance solutions at the end of March.