Re/insurance blockchain service provider ChainThat to join BMA innovation hub

Insurtech ChainThat, a provider of blockchain solutions for the re/insurance industry, has gained approval to be the first company to join the Bermuda Monetary Authority (BMA) Innovation Hub.

The BMA, which regulates Bermuda’s financial services sector, launched the innovation hub initiative in April 2018 in recognition of the growing importance of disruptive innovation in the insurance industry and how it plays a critical role in improving efficiency and driving competitiveness in the market.

The innovation hub provides insurtech companies the ability to liaise directly with a nominated representative at the BMA to share ideas and information before companies may eventually need to apply for entry to the Sandbox, the BMA initiative for those companies that will require regulation and licencing.

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 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.

“ChainThat are delighted to be the first (technology) company to be approved to join the Innovation Hub”, said David Edwards, chief executive officer of ChainThat. “Since the launch of our Bermuda platform in March we have been in regular contact with the BMA. 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 and we look forward to working with the BMA”.

Andy Burrows, CEO of the Bermuda Business Development Agency (BDA), said: “Bermuda continues to lead in innovation, bringing together technology, broking, underwriting capabilities and access to capital. 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.”

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