Thai Re Launches Reinsurance Smart Contract Platform

IBM announced that Thai Reinsurance Public Company Limited (Thai Re), a non-life reinsurer based in Thailand, has successfully launched Insurer Network, a reinsurance smart contract production network using IBM blockchain technology on IBM Cloud.

The insurance industry is in a period of disruption not seen in decades, with business restrictions caused by the COVID-19 pandemic heightening the need for insurers to improve efficiencies and remove business barriers. Through the launch of its Insurer Network platform on IBM Cloud, Thai Re will streamline how it handles more than 10,000 annual reinsurance contracts with its insurance partners, making it easier for those insurers to grow their businesses.

Using blockchain technology on the secured IBM Cloud, the platform will allow Thailand’s insurance industry to gain efficiency and speed in processing the reinsurance contracts. Expected benefits will also include reduction of forgery risk through a traceable, secured single version of truth documentation, and a decrease in potential data inaccuracies from manual multi-party reconciliation reinsurance contracts.

“The COVID-19 pandemic and the need to digitally transform have urged organizations, not only in the insurance industry but all, to bring efficiency to the way we work,” said Oran Vongsuraphichet, Chief Executive Officer of Thai Reinsurance Public Company Limited. “Thai Re has continuously focused on prudent underwriting professional portfolio management as well as business innovation throughout the past 40 years of our operations, and our Insurer Network platform, now live, will bring efficiency and transparency to our stakeholders while also opening a new chapter for the insurance industry in Thailand.”