MetLife has joined the R3CEV consortium , becoming the first multinational insurer to join the blockchain initiative backed by more than 60 banks . MetLife will partner with R3 members to explore how the technology can be leveraged in the traditionally paper - intensive insurance sector to streamline functions such as asset management , policy ##making and customer satisfaction . The news came less than two weeks after we reported the announcement that R3CEV had filed a patent application for Corda , a system designed to perform accounting and back - office functions such as clearing and settlements along with registering assets and keeping track of cash .
MetLife has joined the R3CEV consortium, becoming the first multinational insurer to join the blockchain initiative backed by more than 60 banks. MetLife will partner with R3 members to explore how the technology can be leveraged in the traditionally paper-intensive insurance sector to streamline activities such as investment management, policy administration and customer payments. The news comes less than two weeks after we reported the announcement that R3CEV had filed a patent application for Corda, a system designed to digitalise middle and back-office functions such as clearing and settlements along with registering assets and keeping track of cash.