Singapore to roll out blockchain-powered insurance ecosystem

Deloitte, FWD and Ziliqa are amongst the launching partners.

A blockchain-based insurance ecosystem named Inmediate is set to launch in Singapore that counts accounting firm Deloitte, insurer FWD, and high throughput DLT Ziliqa amongst its launching partners.

The platform aims to connect stakeholders from customers, distributors, and insurers to transact via smart contracts, according to a press release.

“Inmediate will provide the insurance industry with that ecosystem, where smart insurance can be transacted safely, with lightning speed and with total clarity and transparency at much lower costs than what we are used to,” according to the company’s website.

"This is a major step," says Otbert de Jong, CEO of Singapore online broker Insurance Market. "The blockchain and its smart contract functionality will have a huge impact on the industry. What is needed now is a platform for all the disparate initiatives to come together on and a shared infrastructure to develop knowledge, speed, controls and commercial viability."

The use of blockchain tech ensures that contracts are immutable and transparent due to the lack of a central authority governing transactions and agreements.

“Inmediate provides the eco-system and marketplace where supply and demand sides can engage in “trustless” insurance and trading transactions,” the company added in its website.

The platform is powered by a Direct Insurance Token which works as a means for insurers and distributors to pay transaction and access fees as well as to reward customers. Tokens may also be used for registrations, analytics, settlements loyalty programmes and data access.