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Thai Re claims to launch ASEAN’s reinsurance smart contract platform using IBM’s technology
January 7, 2021
Patama Chantaruck of Nokia
IBM announced that
Thai Reinsurance Public Company Limited Thailand’s technology driven professional non-life reinsurer, has successfully launched “Insurer Network,” a reinsurance smart contract production network using IBM blockchain technology on IBM Cloud.
Available through
ThaiRe Innovation Co Ltd., the Thai Re subsidiary and IT engine, “Insurer Network” is designed to bring transparency and speed to its clients in Thailand.
The insurance industry is in a period of disruption not seen in decades, with business restrictions caused by the COVID-19 pandemic heightening the need for insurers to improve efficiencies and remove business barriers. Through the launch of its “Insurer Network” platform on IBM Cloud, Thai Re will streamline how it handles more than 10,000 annual reinsurance contracts with its insurance partne