ChainThat announces its approval to join the Bermuda Monetary Authority Innovation Hub
BERMUDA 18th June 2019 : ChainThat, a specialist provider of blockchain solutions serving the insurance and reinsurance industry has announced its approval to be the first company to join The Bermuda Monetary Authority (BMA) Innovation Hub.
The BMA, that regulates Bermuda’s financial services sector, launched the Innovation Hub initiative in April 2018 in recognition of the growing importance of disruptive innovation in the insurance industry and how it plays a critical role in improving efficiency and driving competitiveness in the market.
Bermuda, renowned for its innovative solutions in the (re) insurance market has one of the largest reinsurance sectors together with the largest ILS and Captive Sector. The BMA provides a regulatory environment that has an active use of technology. The establishment of the Innovation hub provides InsurTech companies the ability to liaise directly with a nominated representative at the BMA to share ideas and information before companies may eventually need to apply for entry to the Sandbox, the BMA initiative for those companies that will require regulation and licencing.
Since its formation in 2015, ChainThat has become a leading provider of InsurTech solutions that enable insurance business leaders to bring about the changes they want to see. In Utilising Distributed Ledger Technology and smart contracts, ChainThat’s solutions can deliver transformational business efficiency and cut frictional costs, boosting combined operating ratios. In March 2019, ChainThat provided a live demonstration of their digital decentralised (re)insurance platform in Bermuda to an audience of over 60 industry practitioners. The platform which is being rebranded to RICAP Bermuda (Risk meets Capital) supports the intercompany processes for an insurance/reinsurance market covering placement, accounting, settlement and claims. The platform can be accessed through an API for integration with existing platforms or directly through a feature rich user interface while each company owns and controls their own data. At the launch it was announced there would be a production trial for interested participants to use and test the platform for six months which will be commencing in July 2019. ChainThat will be part of the Innovation Hub for the duration of the Trial.
“ChainThat are delighted to be the first (technology) company to be approved to join the Innovation Hub”, said David Edwards, Chief Executive Officer of ChainThat. “Since the launch of our Bermuda platform in March we have been in regular contact with the BMA. To be granted approval to join the Innovation Hub and have access to a BMA representative to exchange ideas and provide expert guidance will be hugely beneficial to ChainThat, the trial participants and the trial Steering committee as the trial progresses and we look forward to working with the BMA”.
“Bermuda continues to lead in innovation, bringing together technology, broking, underwriting capabilities and access to capital,” said Andy Burrows, CEO of the Bermuda Business Development Agency (BDA). “The collaborative efforts of the Bermuda government, the regulator, and our market’s risk-transfer solutions sector to embrace emerging technology are a clear indication that Bermuda remains the jurisdiction of choice for financial services.”
Rebecca Oliver – Business Development Director
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