Cathay Financial Holdings Co., Ltd., Taipei City, Taiwan: Insurance Blockchain Consortium

Company: Cathay Financial Holdings Co., Ltd.
Company Description: Cathay Financial Holding Co., Ltd. (hereinafter “Cathay FHC”) was established on December 31, 2001 and was set up by the shareholders of the former Cathay Life Insurance through share swap. The stock of Cathay Life Insurance listed on the Taiwan Stock Exchange was converted into the stock of Cathay FHC (stock code 2882) from the date of establishment.
Nomination Category: Product & Service Categories - Business Technology Solutions
Nomination Sub Category: Insurance Solution

Nomination Title: Insurance Blockchain Consortium

Which will you submit for your nomination in this category, a video of up to five (5) minutes in length about the the nominated new or new-version product or service, OR written answers to the questions for this category? (Choose one):
If you are submitting a video of up to five (5) minutes in length, provide the URL of the nominated video here, OR attach it to your entry via the "Add Attachments, Videos, or Links to This Entry" link above, through which you may also upload a copy of your video.

https://drive.google.com/file/d/1COrjlXXOpIcbY3VkCIXaLRK_Uz8ELft0/view
If you are providing written answers for your submission, you must provide an answer to this first question: If this is a brand-new product, state the date on which it was released. If this is a new version of an existing product, state the date on which the update was released:

"Insurance Blockchain Consortium" obtained trial approval from the Insurance Bureau of the Financial Supervisory Commission in May 2022, and officially launched in October, 2022.
If you are providing written answers for your submission, you must provide an answer to this second question: Describe the features, functions, and benefits of the nominated product or service (up to 350 words):
Total 332 words used.

The traditional insurance industry has long been plagued by inefficiencies, particularly in the claims settlement process. Prior to the advent of the Insurance Blockchain Consortium, claims adjusters faced a cumbersome three-stage process:
1. Manual verification: Adjusters had to manually verify whether the claim had been accepted by other insurers, send physical documents, and conduct manual reviews.
2. Manual cross-company claim recovery: In cases where multiple insurers were involved, adjusters had to manually pursue claim recoveries across companies.
3. Cross-company reconciliation: For recovery cases involving multiple insurers, adjusters had to manually reconcile accounts across companies.
These processes were time-consuming, labor-intensive, and prone to errors. To address these pain points, the Insurance Blockchain Consortium was developed to help insurers reduce manpower, conserve energy, and accelerate the industry's digital transformation. The blockchain's key features include:
1. Regulatory compliance and auditing: Digitization of documents ensures immutability, facilitating audits and statistics.
2. Real-time data sharing and verification: Encryption and real-time exchange of documents ensure data security and efficient synchronization.
3. Accelerate digital transformation of the industry: Integration of operational standards promotes digitalization and upgrades core health checks.
4. Agile response to customer needs: Reduced processing time enhances the quality of service to the customers.
To achieve these features, we utilize blockchain technology, specifically Hyperledger Fabric, to establish the "Insurance Blockchain Consortium" to address the aforementioned business problems. The core functionalities include:
1. Real-time confirmation of cases among peers: Consortium members become blockchain nodes and establish channels for real-time data exchange and document review.
2. Automatic case assignment by the platform.
3. Automatic reporting for cross-company reconciliation.
4. Ensuring data accuracy and security.
Overall, our "Insurance Blockchain Consortium" delivers the following benefits:
1. Synchronized packaging and uploading of data, ensuring immutability: Facilitates regulatory audits, promotes efficiency in the property insurance market, and enhances information transparency.
2. System integration with blockchain nodes for real-time data exchange and verification: Solves trust issues among peers and reduces errors through blockchain technology.
3. Automatic execution of smart contracts, simplifying traditional property insurance processes: Allows personnel to focus on higher-value tasks and agile response to customer needs.
If you are providing written answers for your submission, you must provide an answer to this third question: Outline the market performance, critical reception, and customer satisfaction with the product or service to date. State monetary or unit sales figures to date, if possible, and how they compare to expectations or past performance. Provide links to laudatory product or service reviews. Include some customer testimonials, if applicable (up to 350 words):
Total 92 words used.

Overall, the benefits of Insurance Blockchain Consortium include:
1. Saved 1,600 hours per month on operations, and improving customer service capabilities.
2. Reduced usage of A4 paper by 30 boxes per month.
3. Removed at least 3.08 million tonnes of CO2 equivalent per year.
We also received several testimonials from the partner companies:
1. "Enabling the insurance industry to handle compulsory automobile insurance apportionment with the most advanced and efficient technology." -- Fubon Insurance.
2. "A groundbreaking advancement in the compulsory automobile insurance apportionment process among industry peers!" -- Tokio Marine Newa Insurance.
You have the option to answer this final question: Reference any attachments of supporting materials throughout this nomination and how they provide evidence of the claims you have made in this nomination (up to 250 words):
Total 109 words used.

In November 2023, Cathay Financial Holdings invited the Non-Life Insurance Association and 14 property insurance companies to share the status of the Insurance Blockchain Consortium. All insurance companies acknowledged that the consortium's blockchain technology enhances efficiency and convenience in claims processing, reducing manual errors. Attached is the video from the Insurance Blockchain Consortium conference: https://www.youtube.com/watch?v=vkWkDXInlbM. Additionally, when the Insurance Blockchain Consortium went online, there were several news releases. Below are the news links:

Attachments/Videos/Links:

Insurance Blockchain Consortium
	[REDACTED FOR PUBLICATION]