An insurance network venture operating under Insurance Market Group, by the name of Inmediate Pte Ltd, has entered into a partnership with FWD Insurance, making it the second development partner for the innovative insurance bionetwork. The two firms are based in Singapore.
FWD Insurance uses technological know-how to distribute insurance products which are significant, simple to comprehend, and of reasonable prices. The collaboration between both firms will go a long way in escalating the spread of smart contract insurance on the innovative technology of blockchain.
Significance Of Smart Contracts
According to the CEO of FWD Insurance, Abhishek Bhatia, the company appreciates the importance that smart contracts brings to the insurance industry. This is because as a result of the innovative technology, it is possible to have a more custom-made, reachable and reasonably priced insurance service to all and sundry.
Bhatia also asserts that the collaboration between both companies is a clear demonstration of their obligation of spearheading of innovation in the insurance sector. The partnership ensures that the platform of Inmediate is in a position of permitting insurance firms such as FWD to reach out to clients in creative and significant ways.
On its part, FWD Insurance is looking forward to offering Inmediate with proper expertise in line with the insurance needs. This will be carried out in the key sectors of marketing and legal regulations. FWD Insurance also seeks to offer acquiescence and administrative contributions all through the progressive phases of Inmediate’s bionetwork.
Underwriting Of Smart Contract Asssurance
Additionally, FWD decided to consider the underwriting of smart contract assurance services on the platform of Inmediate the moment it will be ready to kick off operations. Otbert de Jong, the founder and CEO of Inmediate is also of the view that the collaboration of the two firms will be instrumental in enhancing the full potential of the blockchain powered insurance contracts.
This will be very instrumental in assisting clients to purchase the right assurance policies for the right value. As a result, clients who purchase the insurance policies are able to significantly save a lot of money on the insurance products they purchase.
To add on this, insurers are also in a position of unbundling assurance products on the Inmediate bionetwork. This therefore goes a long way in letting them roll out lesser but more significant services for their clients.
Over and above, the bionetwork of Inmediate is anticipated to be kicked off any time before the end of this year. Users can make use of the platform to modify insurance coverage in accordance with their needs.
The platform will also be instrumental in facilitating the safe custody of insurance contract data on clients’ wallets for the sake of instant processing, whenever the need arises. There will be assured disbursement of claims to clients through their virtual wallets.