Thai Re: first ASEAN’s reinsurance smart contract platform
In an announcement made by IBM the company reports that Thai Re has launched ASEAN’s first reinsurance smart contract platform using IBM’s blockchain and hybrid cloud technology.
Facing a level of disruption it has not seen in decades, the insurance industry is experiencing a heightened need for insurers to improve efficiencies and remove business barriers. With the launch of ‘Insurer Network’ on IBM cloud, Thai Re aims to streamline how it handles over 10,000 annual reinsurance contracts with its insurance partners, making it easier for its partners to grow their business.
“The COVID-19 pandemic and the need to digitally transform have urged organizations, not only in the insurance industry but all, to bring efficiency to the way we work. Thai Re has continuously focused on prudent underwriting professional portfolio management as well as business innovation throughout the past 40 years of our operations, and our ‘Insurer Network’ platform, now live, will today bring efficiency and transparency to all our stakeholders, while also opening the new chapter of insurance industry in Thailand,” Oran Vongsuraphichet, Chief Executive Officer of Thai Reinsurance Public Company Limited.
By harnessing blockchain technology on IBM Cloud, the platform is said to allow Thailand’s insurance industry to gain efficiency and speed when it comes to processing the reinsurance contracts. Benefits that are expected as a result include reduced risk when it comes to forgeries through traceable and highly-secured single version of truth documentation, as well as decreased data inaccuracies from manual multi-party reconciliation reinsurance contracts.
“The pandemic and the ongoing disruption has shown how important it is for businesses to be built for change and resilience. Thai Re’s ‘Insurer Network’ platform can improve operational scalability and flexibility, in addition to speed and transparency, to the ecosystem of insurers in Thailand. IBM is proud to support Thai Re and its growing platform network today with our blockchain technology on the highly-secured IBM Cloud environment,” added Patama Chantaruck, VP for Indochina Expansion and MD of IBM Thailand.
“Our goal is to make this platform beneficial to Thailand’s insurance industry while also serving the needs of consumers. We plan to invite almost 100% of all insurers and brokers in Thailand to leverage this ‘Insurer Network’ blockchain-based smart contract platform within the next two years. We want to be a strategic partner that helps our customers stay ahead of the game, and more quotation, underwriting claim and reconciliation capabilities will soon be added to our ‘Insurer Network’ platform to bring the best reinsurance service innovation to our stakeholders,” concluded Pojaman Fuangaromya, Executive Vice President of Thai Reinsurance Public Company Limited and General Manager of ThaiRe Innovation Company Limited