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Insurance Giant Allianz Is Working on a Token-Based Blockchain Ecosystem

German financial services giant Allianz Global Corporate & Specialty SE (AGCS) is developing a blockchain-based ecosystem to facilitate cross-border insurance payments for its corporate customers.Experimentations with blockchain technologyAllianz is working on a token-based blockchain system, expecting it to streamline international insurance payments for its corporate customers, Forbes reported on

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Nigerian Deposit Insurance Corporation Warns Against Crypto Dependency

The Nigeria Deposit Insurance Corporation (NDIC), a federal insurance overseer and safety net provider, has issued a public warning about relying on cryptocurrency transactions in a press release on July 25.According to the press release, managing director and CEO of NDIC Umaru Ibrahim said that relying on cryptocurrencies is

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MetLife’s LumenLab To Pilot a Blockchain automate life insurance claim System

Insurance provider MetLife’s Asia innovation center LumenLab is teaming up with media firm Singapore Press Holdings (SPH) and insurance cooperative NTUC Income to pilot a blockchain-powered insurance claim system that will automate life insurance claims for the bereaved families. Lifechain, developed by LumenLab, will enable SPH to securely encrypt and share

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Major Pan-African Insurance Firm Rolls Back Insurance for Crypto Mining Equipment

Pan-African insurance company Old Mutual has opted out of insuring cryptocurrency mining equipment due to the absence of regulation in the industry, local technology-focused new outlet ITWeb reported on June 10.Following comprehensive research of the industry, Old Mutual has arrived at a decision not to insure equipment used for

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State Farm and USAA Test Blockchain Platform for Insurance Claims Process

United States insurance giant State Farm and military-affiliated bank United Services Automobile Association (USAA) are testing a blockchain-based subrogation solution with real claims data. State farm announced the development in an official press release on May 30.The two insurance titans are using blockchain technology to automate and streamline the

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