Re, the innovative reinsurer employing blockchain, has announced a strategic partnership with VIPR Solutions (‘VIPR’). This partnership aims to heighten security, streamline processes, and improve transparency by interlinking MGAs, underwriters, and reinsurance brokers with capital on-chain.
It marks an impressive evolution in the reinsurance industry, instigating a wave of positive changes and prospects for all involved parties. Historically, data fidelity has faced significant degradation when moving along the insurance value chain. With VIPR’s support, Re can now guarantee secure, immutable on-chain data, ensuring regulators, underwriters, and capital providers have a unified view of any given insurance program’s performance.
Re, established in late 2022, is a groundbreaking provider of reinsurance capital to insurers, utilising blockchain technology’s power. This allows its members to access insurance premiums while benefitting from unparalleled transparency in capital position and performance. Despite its recent entry into the market, Re already manages $35m in gross written premiums across the U.S., with ambitious plans to scale this to over $100m.
Karn Saroya, Re’s CEO, said, “As we continue to grow rapidly in the reinsurance space, having a world-class partner like VIPR to support our protocol with secure and seamless data sharing and standardisation is essential. VIPR’s best-in-class data platform will bolster our ability to back a diverse range of insurance companies and their programmes, further enhancing the transparency and complexity of Re’s protocol.”
VIPR’s founder and CEO, Paul Templar, echoed this sentiment, saying, “Re’s groundbreaking approach to reinsurance is transforming the industry, bringing transparency and new capacity to insurers and MGAs through blockchain technology. We are delighted to join forces with Re and offer our data management expertise to support their innovative mission. Together, we’ll ensure the right systems, processes, and technology are in place, providing Re with a solid foundation for their protocol.”
The collaboration between Re and VIPR signals a promising future for the reinsurance industry, with technology leading the way, spurring growth, transparency, and new opportunities for all stakeholders.
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