A U.K. insurer has turned to Amazon’s services to launch what it claims is the first blockchain system for bulk pension deals. Thomas Olunloyo, CEO of Legal & General Reinsurance, explained that blockchain tech suits the long-term nature of annuities, as contracts can last over 50 years. Insurance is a growing use case for blockchain, with firms in the space increasingly eyeing the tech for its potential transparency and efficiency gains. The same month, professional services firm Accenture and Italian insurance group Generali launched a live blockchain solution aimed to streamline Generali’s Employee Benefits Network offerings, including insurance cover for life, disability, accident and healthcare.
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