The MSIG Insurance Company Has Teamed Up With Inmediate On The Blockchain Push
The Mitsui Sumitomo Insurance Group also referred to as MSIG, which is a Singapore subsidiary recently signed a Memorandum of understanding with a startup that is into the blockchain technology called Inmediate. They have partnered so that they could explore new products they could offer in the insurance sector that are able to leverage on the smart contracts and also blockchain technology.
More About The Partnership
With this partnership in place, it will significantly help in developing a network that is able to connect the various users, consumers, and distributors who would need insurance on the blockchain technology. All this is in line with the promise that will help the Singapore startup company, Inmediate.
The agreement struck between the two companies is that MSIG Insurance will provide with the operational expertise, proper product development and also system support where needed which will work as the guidance to the pilot of the blockchain project.
With the experimentation taking place in the blockchain technology, then we are all likely to witness some more profound insights on how this new advanced technology is able to provide us with a better digital experience. The company’s customers will feel this better experience and in turn, this should be able to improve on the insurance value chain. All this is according to the CEO of MSIG Insurance, Michael Gourlay.
He further says that the partnership they have gotten into with Inmediate will enable the company in leveraging on each company’s strengths. As a result, this will aid in further expanding the possibilities of the Insurance company’s digital innovation, it is a move that we should be alert on and other insurance companies in the market to be afraid of.
A Little About The Inmediate Company
It is a venture that was launched in early 2018 by the founders of the Insurance Market, which was to be as a collaboration with Deloitte, Zilliga, and also FWD. It was in building a collaborative ecosystem for insurance companies that would want to take up the blockchain based system. The associated network plus the ecosystem intends to bring together distributors, customers, and the insurers to a central place, and from this, they will be able to transact the smart contract based insurance efficiently.
The insurance that will be on the Inmediate network will be in a position to price, design and also easily publish products that are smart contract based. But this is not all as they will also be able to offer various loyalty programs and promotions to their client base.
Accordingly, the customers will also be in a position to place their orders for the insurance products through multiple points of sale. It could be done either directly with an insurer who could be online, or just through a point of sale device and even applications. But this is not all as the platform is also expected to support the DApps, these are decentralized applications.
According to the CEO of Insurance Market, Otbert de Jong, the smart contracts together with the blockchain technology is expected to have a very huge impact on the insurance industry. But for all this to be successful, there is a need to have a common platform. It is to ensure it has been made easy for all the different initiatives to come together on a shared infrastructure.
As this will make it much simpler for all to develop the needed speed, knowledge commercial viability and controls a lot more smoothly. As a result, Inmediate primary aim is to be the platform the companies turn to.
Accordingly, in the second half of 2018, it is expected that Inmediate will be ready to launch their platform. The consumers will be in a position to use the platform and even be able to customize their insurance coverage based on their needs. It is definitely something we all need to look out for.