ChainThat, a specialist provider of blockchain solutions for the re/insurance industry, has received approval to become the first company to join the Bermuda Monetary Authority’s (BMA) innovation hub.
ChainThat will be part of the innovation hub for the duration of a six month production trial of its digital decentralised (re)insurance platform, commencing in July this year. This will allow interested participants to use and test the platform, which is being rebranded to RICAP Bermuda.
RICAP Bermuda, launched in March, supports the intercompany processes for the re/insurance market, covering placement, accounting, settlement and claims. It can be accessed through an API for integration with existing platforms, or directly through a user interface, with companies retaining ownership and control of their own data.
The BMA launched the innovation hub in April 2018 to encourage innovation that it hopes will increase efficiency and competitiveness in the insurance sector. It allows insurtech companies to liaise directly with representatives at the BMA to share ideas and information before applying for entry to its regulatory sandbox, for which they will require a licence.
David Edwards, CEO of ChainThat, said: “To be granted approval to join the innovation hub and have access to a BMA representative to exchange ideas and provide expert guidance will be hugely beneficial to ChainThat, the trial participants and the trial steering committee as the trial progresses.”
Andy Burrows, CEO of the Bermuda Business Development Agency, added: “The collaborative efforts of the Bermuda government, the regulator and our market’s risk-transfer solutions sector to embrace emerging technology are a clear indication that Bermuda remains the jurisdiction of choice for financial services.”