SCOR embraces new technology with Blockchain tests
(Thomson Reuters ONE) -
Press Release
6 February 2017 - N° 03
SCOR embraces new technology with Blockchain tests
In September 2016 SCOR started to test Blockchain technology, which is
essentially a secured distributed database (ledger) shared by all parties to an
exchange, and launched a Technical Accounting Blockchain Proof of Concept (PoC)
to assess the feasibility of using Blockchain technology to enhance the
Ruschlikon[1] initiative. The test is described in this video.
SCOR is very pleased with the results of these tests, which demonstrate that
Blockchain technology (i) is agile and quick to implement, (ii) simplifies and
accelerates interaction, with real-time status simultaneously shared by the
business partners involved, and (iii) has the potential to efficiently reduce
costs.
To further explore the potential use of distributed ledger technology for the
insurance industry, SCOR has joined the Blockchain Insurance Industry Initiative
B3i. Since its launch in October 2016, the initiative has gained broad attention
across the industry and beyond, while achieving a truly global scope with
additional members joining from Asia, Europe and the Americas. The current 15
members of B3i are Achmea, Aegon, Ageas, Allianz, Generali, Hannover Re, Liberty
Mutual, Munich Re, RGA, SCOR, Sompo Japan Nipponkoa Insurance, Swiss Re, Tokio
Marine Holdings, XL Catlin and Zurich Insurance Group.
In a collaborative effort, members of the B3i initiative will explore the
ability of distributed ledger technologies to increase efficiencies in the
exchange of data between reinsurance and insurance companies. In order to
realize a proof-of-concept, the participating members will implement a pilot
project aimed at transacting reinsurance contracts with each other. If
Blockchain technology proves to be a viable tool, it could transform the
insurance industry through a shared, transparent record of contract-related
information. Streamlining communication and transactions would subsequently
improve industry processes and provide better insurance services to customers.
The Blockchain Insurance Industry Initiative B3i intends share first results in
June 2017.
Denis Kessler, Chairman & Chief Executive Officer of SCOR, comments: "SCOR's
role as a global Tier 1 reinsurer is to experiment and test cutting-edge
technology like Blockchain. The success of the Proof of Concept conducted by
SCOR on Blockchain, along with the work of the B3i members on this technology,
will help to accelerate the digitalisation of the (re)insurance sector, to the
benefit of the whole industry."
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Contact details
Marie-Laurence Bouchon
Group Head of Communications
+33 (0)1 58 44 76 10
mbouchon(at)scor.com
Ian Kelly
Head of Investor Relations
+44 203 207 8561
ikelly(at)scor.com
http://www.scor.com/
SCOR photo gallery
Twitter: (at)SCOR_SE
Forward-looking statements
SCOR does not communicate "profit forecasts" in the sense of Article 2 of (EC)
Regulation n°809/2004 of the European Commission. Thus, any forward-.looking
statements contained in this communication should not be held as corresponding
to such profit forecasts. Information in this communication may include
"forward-looking statements", including but not limited to statements that are
predictions of or indicate future events, trends, plans or objectives, based on
certain assumptions and include any statement which does not directly relate to
a historical fact or current fact. Forward-looking statements are typically
identified by words or phrases such as, without limitation, "anticipate",
"assume", "believe", "continue", "estimate", "expect", "foresee", "intend", "may
increase" and "may fluctuate" and similar expressions or by future or
conditional verbs such as, without limitations, "will", "should", "would" and
"could." Undue reliance should not be placed on such statements, because, by
their nature, they are subject to known and unknown risks, uncertainties and
other factors, which may cause actual results, on the one hand, to differ from
any results expressed or implied by the present communication, on the other
hand.
Please refer to the 2015 reference document filed on 4 March 2016 under number
D.16-0108 with the French Autorité des marchés financiers (AMF) posted on SCOR's
website www.scor.com (the "Document de Référence"), for a description of certain
important factors, risks and uncertainties that may affect the business of the
SCOR Group. As a result of the extreme and unprecedented volatility and
disruption of the current global financial crisis, SCOR is exposed to
significant financial, capital market and other risks, including movements in
interest rates, credit spreads, equity prices, and currency movements, changes
in rating agency policies or practices, and the lowering or loss of financial
strength or other ratings.
The Group's financial information is prepared on the basis of IFRS and
interpretations issued and approved by the European Union. This financial
information does not constitute a set of financial statements for an interim
period as defined by IAS 34 "Interim Financial Reporting". The Group's financial
information is prepared on the basis of IFRS and interpretations issued and
approved by the European Union. This financial information does not constitute a
set of financial statements for an interim period as defined by IAS 34 "Interim
Financial Reporting".
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[1] Ruschlikon is a global community of insurers, brokers and reinsurers. Its
primary purpose is to optimize administrative costs and enhance client services.
Ruschlikon aims to further automate back office processes by implementing the
ACORD standard messages for technical accounts, claims and financial accounts,
along with the Ruschlikon Best Practice Processes. The Ruschlikon initiative
brings together more than 50 companies, its Steering Group is composed of AIG,
Aon Benfield, Guy Carpenter, Lloyd's, Munich Re, SCOR, Swiss Re, Willis Towers
Watson, XL Catlin.
SCOR Press Release:
http://hugin.info/143549/R/2076045/780687.pdf
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: SCOR via GlobeNewswire
Unternehmensinformation / Kurzprofil:
Datum: 06.02.2017 - 08:03 Uhr
Sprache: Deutsch
News-ID 522052
Anzahl Zeichen: 7917
contact information:
Town:
Paris
Kategorie:
Business News
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