ChainThat has been approved as the first company to join The Bermuda Monetary Authority’s (BMA) Innovation Hub and will house its Distributed Ledger Technology (DLT) driven risk and capital exchange there for the duration of its trial period.
ChainThat, a provider of blockchain solutions for the insurance and reinsurance industry, announced the launch of the Bermuda Insurance Exchange, the industry’s first Distributed Ledger Technology (DLT) driven risk and capital exchange, back in March.
The exchange has now been renamed to RICAP Bermuda (Risk meets Capital) and will become the first product to go through the BMA’s Innovation Hub.
The Innovation Hub was launched in April 2018 as the BMA recognised the growing importance of disruptive innovation and technology in the insurance and reinsurance industry, particularly in how it can improve efficiency and drive competitiveness in the market.
It enables an InsurTech company, such as ChainThat, to work alongside a nominated representative at the BMA to share ideas and information, before it may eventually need to apply for entry to the Sandbox, a BMA initiative companies requiring regulation and licencing.
ChainThat utilises distributed ledger technology and smart contracts in delivering a range of insurance and reinsurance market solutions.
The now rebranded RICAP Bermuda (Risk meets Capital) platform is designed to support intercompany processes for an insurance or reinsurance market, covering functions including placement, accounting, settlement and claims.
It’s designed to be open to different types of risk capital providers, including the capital markets or insurance-linked securities (ILS) funds and can be accessed through an API so it can be integrated with companies existing platforms, or used via its own interface, while leaving each company in controls of its own data.
A production trial for interested participants is still planned and ChainThat expects this to begin to allow testing for six months, commencing July 2019. ChainThat will be part of the BMA’s Innovation Hub for the duration of this Trial.
“ChainThat are delighted to be the first (technology) company to be approved to join the Innovation Hub,” commented 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”.
“Bermuda continues to lead in innovation, bringing together technology, broking, underwriting capabilities and access to capital,” added Andy Burrows, CEO of the Bermuda Business Development Agency (BDA). “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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