AIG Issues Its First Insurance Policy on Blockchain

AIG, the multinational insurance provider, has announced its first blockchain based insurance policy, that was issued to UK’s Standard Chartered Bank. The blockchain policy termed the “master policy” governs multiple policies for the bank’s operations in various countries. The insurance sector has found that blockchain technology can offer them loads of benefits at a fraction of the cost. The use of distributed ledger and smart contracts allows insurance companies to automate many processes, thereby reducing the time and resources otherwise required to issue policies and process claims.