InsurChain parent company XLab Foundation has partnered with the insurance department of LoCo Hong Kong (LoCo HK).
Li Pu, director of China for InsurChain, has explained that this strategic partnership is made on the basis of mutual trust and meant for the long-term mutual benefits of both parties.
This partnership means InsurChain and LoCo HK will jointly promote the development of InsurTech on a global scale and it will also prepare InsurChain for the establishment of its ecosystem in the future.
LoCo HK, registered in Hong Kong, provides commodity exchange services for its users from Hong Kong, Mainland China, Taiwan, Japan, Singapore, Thailand, UK and Australia. LoCo HK has been expressed interest in Fintech and wishes to expand their business along with promising Fintech startups. LoCo HK has realized the immense potential behind the blockchain.
InsurChain is an insurance-focused blockchain-based ecosystem whose businesses include InsurChain Blockchain, InsurChain applications (PBS-Guard) and various ecosystem projects. InsurChain wishes to enable everyone to freely design, purchase and invest in insurance policies and products, to improve the experience and efficiency of claims, to eliminate intermediaries and to build a brand new insurance ecosystem with the help of blockchain.
According to Global insurance review, global non-life premiums will grow at 2.2% and 3.0% 2017 and 2018 respectively. Global life premiums will grow 4.8% and 4.2% in 2017 and 2018 respectively. Emerging markets, especially those in Asia, will be the focus for premium growth.
Premium income in China reached RMB3.6 trillion ($557m) in 2017, which is an 18.16% growth compared with the same time last year. InsurChain believes that insurance will continue as a high-growth market in the foreseeable future.
Insurance was invented to spare risks for a group of people. Sociality, uniqueness, time-stamped and security are in its nature. While blockchain, with its nature of decentralization, transparency and immutability, fits perfectly with insurance. The potential of combination of insurance and blockchain is unlimited.
InsurChain China director Li Pu said: "Blockchain will become an important engine to boost the development of insurance. Blockchain-based insurance is going to disrupt the industry in the near future, to become a fundamental part of insurance and maybe even to reshape the industry forever."