Insurer Beazley has partnered with Risk Cooperative, an insurance broker which supports Lloyd’s London programs; in addition to Bitfury Group which is a blockchain technology firm and also Emericon, a blockchain infrastructure provider.
All four companies are actively developing a blockchain registry to speed-up mass casualties responses and their financial aftermath by allowing policyholders and insurers to share information about threats and claims in real-time through one source.
Illustrative blockchain Registry
After the registry, these policies for violent acts/events can be permanently stored in the registry, which can then be programmed to automatically settle claims when a mass casualty occurs, reducing the settlement process by months.
However, despite the operational efficiencies gleaned from this partnership, the ability to enable the dispatch of service providers when an event occurs is arguably the most significant upgrade to today’s methods which are manually executed.
