MSIG Singapore has signed an MoU with Inmediate, a smart insurance network founded by Insurance Market Group to expand the creation of a new insurance ecosystems.
MSIG and Inmediate will work together to develop innovative insurance solutions working on blockchain and ‘smart contracts’. The positives of this collaboration is the contribution it will make towards building an ecosystem that will deliver benefits and cost-savings to insurers, distributors and customers.
The pilot blockchain project will be supplemented by MSIG products and regulatory support.
The platform will offer consumers with a digital wallet for real-time insurance contracts processing. Specifically, claims will be settled to digital wallets, triggered via smart contracts when an insured event occurs. The pilot is expected to be launched in the 2H’18.
Orbert de Jong, Founder and CEO of Inmediate Pte Ltd has encapsulated this partnership with MSIG: “We are immensely excited to work with MSIG on this ground-breaking project that aims to unlock the full potential of blockchain powered insurance contracts. There are going to be vast benefits for participants in our ecosystem, and consumers can potentially look forward to experiencing more complete insurance to cover a wider scope of events, while enjoying the peace of mind from the security that blockchain offers”.
Ultimately, this collaboration between MSIG and Inmediate demonstrates the method through which legacy insurers such as MSIG can capitalize on potentially ground breaking innovations such as blockchain, without bearing the technological and development burden.