Xceedance, a global provider of insurance consulting, managed services, technology, and data sciences, and ChainThat, a pioneer in blockchain technology for the re/insurance industry, are co-hosting an insurance blockchain symposium on June 7 (1pm) at the Bermuda Underwater Exploration Institute (BUEI) in Hamilton, Bermuda.
The event features the premier of Bermuda, the honorable E. David Burt, JP, MP, who will inaugurate the proceedings. Mr. Burt has launched a blockchain task force to help establish Bermuda as a leader in the insurtech space. He is also partnering with global thought leaders to accelerate insurance innovation in Bermuda.
“The re/insurance industry faces serious challenges — including soft rates, low margins, and high operating costs — and insurers need intelligent technologies such as blockchain to contribute to operational efficiencies,” said Arun Balakrishnan, CEO of Xceedance. “Bermuda has long been at the forefront of insurtech innovation, offering an advantageous atmosphere for the development and deployment of technologies which can create much-needed efficiencies in the global insurance industry. There is excitement and opportunity around blockchain, and we look forward to hearing about latest developments from industry experts at the event.”
“A recent study we conducted with leading blockchain developer R3 found that blockchain can potentially deliver transformative operational cost savings of almost $50 billion annually to the re/insurance industry,” stated David Edwards, CEO of ChainThat. “As a world-renowned reinsurance market with best-in-class infrastructure and a transparent regulatory environment, the Bermuda insurance community is encouraging and enabling the blockchain industry. We’re happy to be hosting this symposium in a strategic setting for insurance innovation.”
At the event, speakers, panelists, and participants will deliberate on current insurtech and blockchain initiatives, consider the risks and rewards of using blockchain, and discuss the value blockchain technology can deliver to the re/insurance industry.
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With offices in the U.S., Bermuda, U.K., Poland, and India, Xceedance (www.xceedance.com) enables re/insurers, brokers, and program administrators worldwide to enhance policyholder service, enter new markets, boost workflow productivity, and improve profitability.
ChainThat is a blockchain and distributed ledger provider (www.chainthat.com), featuring an insurance blockchain framework and decentralized business collaboration solutions for commercial and specialty re/insurers and brokers.
Media Contact: Stephen Breen
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