Fourteen insurers came together within a blockchain working group of the FFA’s digital committee to trial the use of this technology for the exchange of secure data. This proof-of-concept exercise was completed in four months and demonstrated the relevance of using Blockchain in B2B exchanges that require timestamping.
The aim of the blockchain trial, carried out by fourteen FFA member insurers, was to optimise the exchanges of data that take place between insurers each day. The trial used cancellations of contracts under the Hamon Act (loi Hamon).
With the support of Deloitte and the publisher Stratumn, the FFA members built an inter-insurer blockchain platform. The prototype was developed using agile methods and provided a deeper understanding of several related issues such as governance of the blockchain, legal aspects, identifying potential uses in the sector, etc.
Blockchain technology appears to provide a very good level of security in data exchanges between insurers. It is well suited to B2B use, copes with increasing loads, reduces processing costs and allows a range of additional applications.
According to Bernard Spitz, President of the FFA: “This blockchain trial is a pioneering initiative for the sector. It shows once again how insurers are able to come together around major technological challenges in order to innovate together for the benefit of insured parties.”