ANIA leads insurance blockchain project in Italy
ANIA (Italian Association of Insurance Companies) is leading a blockchain experiment that plans to help resolve disputes with car liability claims in the pre-litigation phase.
The initiative is in collaboration with consulting and integration firm Reply, CeTIF (Research Centre on Technology, Innovation and Financial Services) – Università Cattolica del Sacro Cuore in Milan; and with the participation of Ivass (Institute for Insurance Supervision) on the scientific committee.
According to the group, the project is an alternative dispute resolution (ADR) service, aimed at resolving disputes between customers and insurance companies.
The project falls within the scope of an insurance blockchain sandbox, and various companies will get involved to find out the benefits. These comprise AXA, Cargeas-Cardif, Cattolica, Generali, Helvetia, Reale ITES GEIE, Sara and Zurich.
The main phases of the ADR project involve the exchange of the amounts entered into the platform by the counterparties for the resolution of a legal dispute, through a blind auction mechanism, adjusted on the basis of the parameters defined for the experiment, accepted by the customer/legal representative and guaranteed by a trusted smart contract based on blockchain.
ANIA president Maria Bianca Farina concludes: “Our ambition is to continue with other projects to enable us to make the use of such a powerful technology practical and effective, not only for insurance companies but for the whole market.”
