The R3 blockchain consortium is moving in to the rapidly growing insurtech arena, welcoming MetLife as its first multinational insurance industry member.
One of the largest insurers in the world, MetLife will partner with R3 members to explore how blockchain technology can be leveraged in the insurance industry to streamline activities such as new investments management, business processing, policy administration, customer payments and distribution of proceeds.
Marty Lippert, EVP and head of MetLife’s Global Technology & Operations organisation, comments: “R3’s work has proven how blockchain technology can disrupt how business is done today. MetLife is proud to be the first multinational insurer and 60th member to join this prestigious group."
Backed by a host of the world's biggest financial institutions - including Goldman Sachs, JPMorgan Chase and Ping An Financial Services Group - R3 is leading the charge on the development of commercial applications for distributed and shared ledger technology.
Met Life will be looking to apply R3's blockchain-inspired, shared ledger development project Concord to the traditionally paper-intensive insurance business.
David Rutter, CEO of R3, states: “The addition of a major insurance player such as MetLife is testament to the growing interest in distributed ledger technology amongst the non-bank financial services community."