Z/Yen Group is pleased to announce that Blem Information Management Ltd’s XLRAS reinsurance administration system now uses Z/Yen’s MetroGnomo timestamping and document retrieval system to increase trust in reinsurance records.
With MetroGnomo XLRAS timestamps and hashes information supporting reinsurers’ debt calculation onto a transparent authoritative immutable ledger. This generates proof that given pieces of information existed at a given time.
This XLRAS development enhances contract and transactional certainty across XLRAS’s scope of reinsurance recovery administration. XLRAS clients will henceforth be able to provide permanent blockchain evidence for any XLRAS data or output they choose.
One of several use cases is the automatic time stamping of each reinsurance collection produced by XLRAS, evidencing them in an encrypted form in perpetuity. Blem’s R&D with blockchain is ongoing with other solutions in the pipeline.
MetroGnomo uses Z/Yen’s ChainZy woven broadcast technology to cast the ledger in multiple locations. The States of Alderney believes its support for MetroGnomo lends assurance to this initiative, while enabling an evaluation of the potential in the technology and possible future common standards of service. Alderney is overseeing MetroGnomo’s integrity until 2021.
Gavin Blem, Managing Director of Blem Information Management, said:
“The ChainZy offering is elegant and simpler to implement than many of the other technologies we are working with in this space. I am sure our clients will find this seamless adoption of distributed ledger capability to be comforting and useful early steps into the blockchain era.”
Professor Michael Mainelli, Executive Chairman of Z/Yen, concludes:
“2016 has been the year we’ve moved from proof-of-concept projects for mutual distributed ledgers to working systems. XLRAS is the second insurance offering to use Z/Yen’s ChainZy technology. We look forward to several more announcements of applications for blockchain technology in wholesale insurance.”
