Global insurance provider First American Financial Corporation is launching a blockchain system to facilitate exchanges of prior insurance policies. The company said in a statement that it will use the technology for “real-time settlement and reconciliation” between insurers and policyholders. The system will uniquely code each policy to increase the accuracy of searches and streamline the search process. The design adopts blockchain to increase efficiency and lower risk in producing title insurance by increasing capacity to share policy information.
Global insurance provider First American Financial Corporation is launching a blockchain system to facilitate exchanges of prior insurance policies. Old Republic Title Insurance Group will be the first participant. The system will uniquely code each policy to increase the accuracy of searches and streamline the search process. The design adopts blockchain to increase efficiency and lower risk in producing title insurance by increasing capacity to share policy information.