Oct. 14, 2020

　GIAJ and NEC Corporation (NEC) are to begin a verification of digital information exchange for co-insurance contracts utilizing blockchain technology, and will evaluate its effectiveness and possible issues that need to be resolved.

　'Co-insurance' refers to a single policy that is underwritten by more than one insurer. Currently, hundreds of thousands of paper-based procedures are still carried out annually when information is exchanged among underwriting companies.

　Eight of our member companies will participate in this experiment which is expected to enhance paperless information exchange procedures and to drastically improve the efficiency of contract administration.

　GIAJ will continue to promote the harmonization, standardization and mutualization of various general insurance procedures so that general insurance can fulfil its role as part of Japan's social infrastructure.

　NEC supports innovative changes in financial services using digital technologies, and will continue to strengthen its efforts in ”Digital Finance” (https://www.nec.com/en/global/solutions/finance/) in order to provide various individuals and industries with safe and secure financial services using leading technologies such as blockchain and AI.