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Metlife becomes the first multi-national insurer to join R3 blockchain consortium

Blockchain technology reported by PwC has the potential to disrupt the entire reinsurance sub-sector.

Distributed ledger technology to tackle trade financing challenges in the traditionally paper-intensive insurance business is one of the applications that make blockchain so lucrative for businesses that have yet to adopt it.

MetLife has set on to work with R3 blockchain consortium to streamline activities such as business processing, new investments management, policy administration, customer payments and distribution of proceeds.

Blockchain is a technology earning the acclaim of various financial institutions. In each industry it has the potential to disrupt the market, earning high profits and more market share. In the reinsurance sub-sector, PwC has estimated in a report published recently that there are potential savings of USD 5-10bn costs for reinsurers worldwide, removing 15-20% of expenses by way of simplifying reconciliation and multiple data entries only.

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