The Federal Advisory Committee on Insurance (FACI) is going to discuss blockchain technology in relation to the insurance sector in its periodic meeting to be held today, 05 January 2017, CoinDesk reported.
The government notice states:
“In this meeting, the Committee will discuss a number of issues, including blockchain technology in the insurance sector, the changing auto safety landscape, and an overview of insurance fraud.”
According to the website, the meeting will start at 1:00 PM EDT, with a live webcast of this meeting will be available here.
The FACI provides advice and recommendations to assist FIO in carrying out its statutory authority. Its current members include representatives from a number of state insurance regulators in the United States and private enterprises.
The application of blockchain technology in the insurance sector is being explored by many. Leading firms like Deloitte and McKinsey has even published research papers on the same.
In October, five leading global insurers and reinsurers including Aegon, Allianz, Munich Re, Swiss Re and Zurich, teamed up to launch a blockchain initiative – Blockchain Insurance Industry Initiative B3i – that aims to explore the potential of blockchain technology.
