Two of South Korea’s largest conglomerates will workforce as much as create a blockchain-based insurance coverage providing. The deal will see the Lotte Group’s insurance coverage arm, Lotte Insurance coverage, be a part of forces with the Hyundai Group’s blockchain and crypto subsidiary Hdac for an unprecedented cooperation effort.
Per Fn Information, the deal may even contain one other main insurance coverage supplier, Insurovo, and software program agency TmaxData. Hdac operator Hyundai BS&C, the Hyundai Group’s IT providers and building arm, may even be a part of the challenge.
The companies stated they’ll co-build a “convergence platform” that may make use of blockchain know-how and blockchain-powered decentralized ID (DID) authentication developments. The companies have expressed a want to hurry up progress within the fast-growing “insuretech” (insurance coverage + IT) trade – and shall be one among Hdac’s first main business ventures.
Some have lately steered that Hdac may look to “rival” chat app large Kakao, which has loved success with various crypto and blockchain-related choices this yr.
The agency has beforehand launched a token in Europe by way of a subsidiary, however final yr pledged to spend massive on a brand new mainnet, with two new crypto-themed manufacturers registered as emblems in South Korea this yr.
Earlier this yr, Lotte’s logistics arm introduced that it was trying to implement blockchain-based options to its huge international deliveries and delivery community.
The 5 companies’ plan entails utilizing blockchain good contract know-how in what they name “key elements of the insurance coverage trade,” together with the preliminary screening course of. They declare that the innovation will assist increase comfort and effectivity for customers, and higher assist knowledge administration efforts.
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