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Thai Re launches a reinsurance smart contract production network

Thai Re insurance_IFM_Image
Insurer network has been launched by using IBM blockchain technology on IBM Cloud

Thai Reinsurance Public Company Limited, also known as Thai Re, has launched a reinsurance smart contract production network, media reports said. Called Insurer Network, it has been launched using IBM blockchain technology on IBN Cloud.

Oran Vongsuraphichet, Chief Executive Officer of Thai Reinsurance Public Company Limited told the media, “The Covid-19 pandemic and the need to digitally transform have urged organisations, 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.”

The network has been designed by Thai Re to bring transparency and also efficiency for its clients in Thailand. Through Insurer Network, Thai Re will streamline how it handles more than 10,000 annual reinsurance contracts with its insurance partners.

Suthiphon Thaveechaiyagarn, secretary-general of the Office of Insurance Commission recently revealed that the insurance business is forecast to grow in a range of -0.36 percent to 1.64 percent in 2021 due to rising household debt deflated people’s purchasing power.

Thailand-based insurtech startup Sunday has raised around $9 million in its Series B funding round, the media reported. The funding round for Sunday was led by SCB 10X, the venture capital arm of the Siam Commercial Bank. Existing investors including Vertex Ventures Southeast Asia and India, Quona Capital, and new investor LINE Ventures also participated in this funding round.

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