Insurance

The test of Blockchain-based insurance products within the Italian market ended successfully, and can meet the increasingly complex and varied needs of the market.

Blockchain technology and theory start from this point and aims to create an equivalent system, without the existence of a central controller, or intermediary, for example banks or insurance companies.

CeTIF Università Cattolica decided to bring blockchain into play in Italy with a significant project dubbed the "Digital sureties (Fideiussioni Digitali)" aimed at reducing fraud, increasing efficiency in information workflows and developing new forms of information sharing.

Unlike Bitcoin, Blockchain has a broader scope of application and usefulness. Businesses all over the world are exploring the specific benefits the technology can add to their existing business models. Today we explore the top ten italian companies already using blockchain to improve their business efficiency.

Italy is considering starting smart parametric policies with automatic reimbursement based on blockchain, smart contract and distributed technology (DLT). The policies will cover the risks related to bad weather, delayed flights and lost luggage. Catholic University and Reply are developing a solution for the issuance of smart blockchain-based insurance policies.

The Research Center on Technologies, Innovation and Financial Services (CeTIF) - Catholic University and Reply, together with a group of giant financial banking institutions including Banca Mediolanum, Popolare di Sondrio and Ubi, as well as the popular Italian insurance companies such as Mediolanum Assicurazioni, Cargeas Assicurazioni, Nobis Filo Diretto and Reale Mutua, have finally decided to work together on a solution for the issuance of smart insurance policies based on blockchain and smart contract technologies.

Blockchain is one of the best alternatives to databases managed by third parties. The potential of the technology for Italy’s Agrifood sector is formidable and powerful.

Blockchain in Italy has managed to maneuver into an entrenched corporate environment, in startups and several fields such as Agrifood, finance and insurance. These sectors getting involved signifies productive ground for this nascent technology, that can be used to trace products in the supply chain and record transactions, Agenda Digitale reports.

Besides the management of financial payments, money transactions or insurance applications, the Italian path to the development of the country’s strategy in Blockchain technology and Artificial Intelligence (AI) is now in the hands of experts that will meet in January 2019.