L&G, the UK's largest insurance group, uses Amazon's blockchain services to manage and record large-scale pension transactions

According to Coindesk's June 13 report, an insurance company in the UK has adopted Amazon's service to launch its first blockchain system for large-scale pension transactions.

1200px-Amazon_Web_Services_Logo.svg

Image source: wikipedia

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.

We will continue to update Blocking; if you have any questions or suggestions, please contact us!

Share:

Was this article helpful?

93 out of 132 found this helpful

Discover more

Blockchain

Bybit Airdrop Gifts are available for a limited time! Teach you how to receive 1632 USDT in 10 minutes!

Bybit, this is a professional derivatives exchange with nearly 70% overseas users, with a daily trading volume of mor...

Blockchain

FTX's new CEO: FTX has been lying to banks about its mixed funds issue

FTX's new CEO claims that as early as 2020, banks had inquired about suspicious fund flows.

Blockchain

Number reading | The paradox behind the 109 reports The truth is that IEO is an antidote or a poison?

After several months of fermentation, the IEO boom continues, and there is even a wave of higher waves. Yesterday (Ap...

Market

Future of Web3: Triple Impact of VSAP on Exchanges, Financial Markets, and TradFi

With the rapid development of the virtual currency market, more and more people are investing and trading in virtual ...

Blockchain

FTX Founder’s Shady Messaging Moves: The Signal of Trouble

Sam Bankman-Fried's Criminal Trial is Underway

Policy

BlockFi Emerges from Bankruptcy, Ready to Pay Back Creditors and Recover Assets

In November, popular crypto lending platform BlockFi made headlines for their bankruptcy filing caused by the FTX con...