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According to a report released by Reuters on Wednesday, British multinational financial services company Legal & General said it will use Amazon's Web Services (AWS) blockchain system to manage and record its insurance. A large annuity in business.
A large annuity is a fixed-income pension plan that the company sells to insurance companies to reduce the risk of policyholders and help them get rid of the cost burden.
A spokesperson for the company told Reuters that AWS's blockchain platform will now be used for UK's large-scale annuity business outside the UK and the US, although it may expand into these markets in the future.
Thomas Olunloyo, CEO of Reinsurance, a UK insurance company, explained that because the annuity contract may last for more than 50 years, blockchain technology is well suited to its long-term nature. He said that the blockchain allows related data and transactions "to be signed, recorded and maintained in a permanent and secure manner throughout the life of these contracts."
The use of blockchain in the insurance industry continues to grow, and many companies in the field are increasingly turning their attention to the transparency and efficiency of this technology.
Last December, the US insurance group State Farm launched a blockchain solution pilot project to streamline the manual process of subrogation. The subrogation right is the statutory right of the company to recover from the third party responsible for the loss caused to the insured.
This spring, a group of insurance companies completed a blockchain test in China to study the safety and traceability of blockchains, in part to help solve the reputation problems faced by Chinese domestic insurance companies.
In the same month, professional services company Accenture and Italian insurance group Generali launched a blockchain real-time solution to streamline loyalty insurance employee benefits network products, including life insurance, disability insurance, and accident insurance. And medical insurance.
In early May, AWS's managed blockchain service ended the testing phase and has now begun to allow customers to use it to build solutions. The company said at the time that the service allowed users to create a blockchain network "within minutes" while managing certificates, inviting new members, and expanding peer node capacity to speed transaction processing.