Inmediate, a platform which connects consumers, insurers and distributors through smart contracts, has signed a Memorandum of Understanding with American International Group.
Under the agreement, both groups will co-develop smart contract-based insurance policies which will be tested via the Inmediate Network. This project will help customers to make improved decisions when purchasing insurance, giving them a convenient and quick way to purchase insurance.
AIG has become the third company to partner with Inmediate, with the initial two being Japan-based MSIG and Hong Kong-based FWD.
Inmediate is planning on growing its partners to five or more, in a bid of making itself a trusted and stable solution for seamless insurance transactions, according to the company.
The company is building a blockchain-based ecosystem which accelerate smart insurance transactions. Its network brings together customers, (re)insurers and distributors in a single location to let them transact smart contract-based insurance policies.
Insurers can design, price and launch insurance through these smart contracts, and include promotions and loyalty programs. Customers can then order policies from multiple points-of-sale either directly with an insurer or at connected devices and applications.
The ecosystem ensures safe customer data management and privacy, while maintaining underwriting processes.
Distributors are able to integrate smart contract-based insurances with their applications through Inmediate’s API connectivity.
Inmediate offers a Direct Insurance Token (DIT) which are used to power the network. These are used by insurers and distributors to pay transaction and access fees or as a manner of rewarding customers.
Some of the uses for tokens include, transactions, analytics, loyalty programs, premium payments, and data access, among others.
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