Technology-driven professional non-life reinsurer Thai Re has launched a reinsurance smart contract production network using IBM blockchain technology on IBM Cloud.
Called ‘Insurer Network’, it has been established to help allow Thailand’s insurance industry to gain efficiency and speed in processing the reinsurance contracts.
Expected benefits include a reduction of forgery risk through a traceable, single version of truth documentation, and a decrease in potential data inaccuracies from manual multi-party reconciliation reinsurance contracts.
Thai Re hopes to streamline how it handles more than 10,000 annual reinsurance contracts with its insurance partners, making it easier for those insurers to grow their businesses.
“The COVID-19 pandemic and the need to digitally transform have urged organizations, not only in insurance industry but all, to bring efficiency to the way we work,” said Oran Vongsuraphichet, Chief Executive Officer of Thai Re.
“Thai Re has continuously focused on prudent underwriting professional portfolio management as well as business innovation throughout the past 40 years of our operations, and our ‘Insurer Network’ platform, now live, will today bring efficiency and transparency to all our stakeholders, while also opening the new chapter of insurance industry in Thailand.”
“The pandemic and the ongoing disruption has shown how important it is for businesses to be built for change and resilience,” said Patama Chantaruck, VP for Indochina Expansion and MD of IBM Thailand.
“Thai Re’s ‘Insurer Network’ platform can improve operational scalability and flexibility, in addition to speed and transparency, to the ecosystem of insurers in Thailand. IBM is proud to support Thai Re and its growing platform network today with our blockchain technology on the highly-secured IBM Cloud environment.”
“Our goal is to make this platform beneficial to Thailand’s insurance industry while also serving the need of consumers. We plan to invite almost 100% of all insurers and brokers in Thailand to leverage this “Insurer Network” blockchain-based smart contract platform within the next two years,” said Pojaman Fuangaromya, Executive Vice President of Thai Reinsurance Public Company Limited and General Manager of ThaiRe Innovation Company Limited.
“We want to be a strategic partner that helps our customers stay ahead of the game, and more quotation, underwriting claim and reconciliation capabilities will soon be added to our “Insurer Network” platform to bring the best reinsurance service innovation to our stakeholders.”