Stratumn startup blockchain announced the completion of a proof-of-concept blockchain experimentation involving 14 insurance companies.
The process was piloted by the French Federation of Insurers and received support from the “Big Four” accounting firm Deloitte, according to a press release issued on Thursday.
As described, the initiative aimed to examine the potential of blockchain in the rationalization of shipments of notifications in the insurance sector in accordance with Frances’s new “Hamon Law” – legislation that allows consumers to change insurers at any time after the first year , sometimes within 30 days.
The system is also designed to manage consumer data as specified by the EU’s General Data Protection Regulation (GDPR), which will enter into force next year.
Richard Caetano, Stratumn’s co-founder and CEO, said the proof-of-concept process marks a “industry-wide blockchain initiative”, adding:
“We firmly believe that this technology, combined with advanced cryptographic techniques, can help simplify intercompany processes for the benefit of all parties involved”.
Stratumn’s effort comes when companies across the insurance industry are starting to experiment with blockchain in the search for new efficiencies.
Just this week, Allianz has unveiled a blockchain prototype focused on “captive” insurance policies, while in September the giant Maersk, Microsoft and the auditing firm EY have jointly revealed that they intend to apply blockchain technology in the field of marine insurance.