Inmediate Partners With MSIG to Spearhead New Insurance Ecosystem
Inmediate, a smart insurance network venture by Insurance Market Group, has signed a Memorandum of Understanding (MOU) with MSIG to expand the creation of a new insurance ecosystem. The two will work together to explore new insurance products that leverage on the efficiency and reliability of blockchain and smart contracts through the ecosystem.
“We are immensely excited to work with MSIG on this ground-breaking project that aims to unlock the full potential of blockchain powered insurance contracts. There are going to be vast benefits for participants in our ecosystem, and consumers can potentially look forward to experiencing more complete insurance coverage a wider scope of events, while enjoying the peace of mind from the security that blockchain offers” – founder and CEO of Inmediate, Otbert de Jong.
“MSIG is constantly innovating to better serve our customers. The experimentation on blockchain technology is likely to lend deeper insights on how blockchain can provide better digital experience to our customers and improve the insurance value chain. The partnership with Inmediate will enable us to leverage on each other’s strengths and further expand the possibilities of our digital innovations” – MSIG Insurance, Michael Gourlay.
Inmediate plans to go live with its ecosystem in the second half of the year to allow consumers to customize insurance coverage to their needs and enjoy instant payment on claims that occurred due to a predetermined set of insured events. Speaking of blockchain…Allianz and Deutsche Bank are working together to offer auto financing using blockchain technology.