Press Release
6 February 2017 - N° 03
SCOR embraces new technology with Blockchain tests
In September 2016 SCOR started to test Blockchain technology, which is essentially a secured distributed database (ledger) shared by all parties to an exchange, and launched a Technical Accounting Blockchain Proof of Concept (PoC) to assess the feasibility of using Blockchain technology to enhance the Ruschlikon[1] initiative. The test is described in this video.
SCOR is very pleased with the results of these tests, which demonstrate that Blockchain technology (i) is agile and quick to implement, (ii) simplifies and accelerates interaction, with real-time status simultaneously shared by the business partners involved, and (iii) has the potential to efficiently reduce costs.
To further explore the potential use of distributed ledger technology for the insurance industry, SCOR has joined the Blockchain Insurance Industry Initiative B3i. Since its launch in October 2016, the initiative has gained broad attention across the industry and beyond, while achieving a truly global scope with additional members joining from Asia, Europe and the Americas. The current 15 members of B3i are Achmea, Aegon, Ageas, Allianz, Generali, Hannover Re, Liberty Mutual, Munich Re, RGA, SCOR, Sompo Japan Nipponkoa Insurance, Swiss Re, Tokio Marine Holdings, XL Catlin and Zurich Insurance Group.
In a collaborative effort, members of the B3i initiative will explore the ability of distributed ledger technologies to increase efficiencies in the exchange of data between reinsurance and insurance companies. In order to realize a proof-of-concept, the participating members will implement a pilot project aimed at transacting reinsurance contracts with each other. If Blockchain technology proves to be a viable tool, it could transform the insurance industry through a shared, transparent record of contract-related information. Streamlining communication and transactions would subsequently improve industry processes and provide better insurance services to customers. The Blockchain Insurance Industry Initiative B3i intends share first results in June 2017.
Denis Kessler, Chairman & Chief Executive Officer of SCOR, comments: "SCOR's role as a global Tier 1 reinsurer is to experiment and test cutting-edge technology like Blockchain. The success of the Proof of Concept conducted by SCOR on Blockchain, along with the work of the B3i members on this technology, will help to accelerate the digitalisation of the (re)insurance sector, to the benefit of the whole industry."
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Contact details
Marie-Laurence Bouchon
Group Head of Communications
+33 (0)1 58 44 76 10
Ian Kelly
Head of Investor Relations
+44 203 207 8561
Twitter: @SCOR_SE
Forward-looking statements
SCOR does not communicate "profit forecasts" in the sense of Article 2 of (EC) Regulation n°809/2004 of the European Commission. Thus, any forward-.looking statements contained in this communication should not be held as corresponding to such profit forecasts. Information in this communication may include "forward-looking statements", including but not limited to statements that are predictions of or indicate future events, trends, plans or objectives, based on certain assumptions and include any statement which does not directly relate to a historical fact or current fact. Forward-looking statements are typically identified by words or phrases such as, without limitation, "anticipate", "assume", "believe", "continue", "estimate", "expect", "foresee", "intend", "may increase" and "may fluctuate" and similar expressions or by future or conditional verbs such as, without limitations, "will", "should", "would" and "could." Undue reliance should not be placed on such statements, because, by their nature, they are subject to known and unknown risks, uncertainties and other factors, which may cause actual results, on the one hand, to differ from any results expressed or implied by the present communication, on the other hand.
Please refer to the 2015 reference document filed on 4 March 2016 under number D.16-0108 with the French Autorité des marchés financiers (AMF) posted on SCOR's website www.scor.com (the "Document de Référence"), for a description of certain important factors, risks and uncertainties that may affect the business of the SCOR Group. As a result of the extreme and unprecedented volatility and disruption of the current global financial crisis, SCOR is exposed to significant financial, capital market and other risks, including movements in interest rates, credit spreads, equity prices, and currency movements, changes in rating agency policies or practices, and the lowering or loss of financial strength or other ratings.
The Group's financial information is prepared on the basis of IFRS and interpretations issued and approved by the European Union. This financial information does not constitute a set of financial statements for an interim period as defined by IAS 34 "Interim Financial Reporting". The Group's financial information is prepared on the basis of IFRS and interpretations issued and approved by the European Union. This financial information does not constitute a set of financial statements for an interim period as defined by IAS 34 "Interim Financial Reporting".
[1] Ruschlikon is a global community of insurers, brokers and reinsurers. Its primary purpose is to optimize administrative costs and enhance client services. Ruschlikon aims to further automate back office processes by implementing the ACORD standard messages for technical accounts, claims and financial accounts, along with the Ruschlikon Best Practice Processes. The Ruschlikon initiative brings together more than 50 companies, its Steering Group is composed of AIG, Aon Benfield, Guy Carpenter, Lloyd's, Munich Re, SCOR, Swiss Re, Willis Towers Watson, XL Catlin.
