Inmediate Pte Ltd, an insurance network venture by Insurance Market Group, has signed a memorandum of understanding (MOU) with FWD Insurance, becoming the second growth partner for this new insurance ecosystem. Both companies operate within Singapore.
FWD Insurance leverages technology to deliver insurance products that are relevant, easy to understand, and well-priced. The new partnership with Inmediate will allow the companies to work together to expand the reach of smart-contract insurance on the blockchain.
“We appreciate the potential value that smart contracts bring to insurance. Coverage can become more personalized, accessible, and affordable for everyone. Our partnership with Inmediate demonstrates our commitment to being at the forefront of innovation in the insurance industry. Inmediate’s platform will allow insurance companies like FWD to reach customers in new and meaningful ways.”
FWD Insurance looks forward to providing Inmediate with insurance industry expertise, marketing, legal, compliance and governance contributions throughout the development stage of Inmediate’s network. FWD has also agreed to consider the underwriting of smart-contract insurance products on the Inmediate platform once it is launched.
“We look forward to furthering this project with FWD and hope to eventually harness the full potential of blockchain powered insurance contracts to help customers buy the right insurance for the right price, allowing them to save greatly on insurance products. Additionally, insurers can unbundle insurance on our ecosystem, and this lets them distribute smaller but more relevant products for their customers.”
Inmediate’s ecosystem is expected to be launched in the second half of the year. Consumers can use the platform and customize insurance coverage to their needs. The platform will enable the insurance contract information to be stored on consumers’ digital wallets for real-time processing. For instance, if a predetermined set of insured events have occurred, the smart contract will trigger a guaranteed claims payout to the consumers via their digital wallet.