News
Infineo mints the world’s first tokenized life insurance policy on the source blockchain
In collaboration with Provenance Blockchain Labs, this milestone highlights the use case for digitalization to improve transparency, efficiency and convenience for policyholders, carriers and investors
NEW YORK, NY / ACCESSWIRE / June 18, 2024 / finallya company committed to digitizing the $3 trillion life insurance industry using blockchain technologies and artificial intelligence, today announced that it has traded the first tokenized life insurance policy through distributed ledger blockchain technology on the market. Blockchain provenance. Amid the paradigm shift to digitize real-world assets, Infineo is democratizing one of the oldest and most trusted financial instruments by making life insurance accessible and affordable to a global audience. To date, Infineo has minted $9.4 million worth of life insurance on the Provenance Blockchain mainnet.
The policies were tokenized through a collaboration with Provenance Blockchain Labs (ProvLabs), a leading SaaS and blockchain development company committed to providing a frictionless experience for traditional financial companies, DeFi platforms and fintechs on the Provenance Blockchain.
“After years of research, development and execution, we are pleased to offer what we believe to be the best use case of real-world asset tokenization,” said Cole Snell, founder and CEO of Infineo. “Digitalization of life insurance policies not only unlocks global accessibility to life insurance, but also delivers efficiency and cost savings for industry stakeholders at every point in the value chain.”
Tokenized policies live on Infineo’s advanced Policy Ledger System that provides a secure, immutable record of all policies, protecting policyholders and beneficiaries from $7.4 billion in unclaimed death benefits. The register maintains up-to-date information on interested parties, thus reducing the risk of loss of policies, while preventing oversights in asset transfers and actively informing beneficiaries of their rights.
Furthermore, Infineo is actively building a robust secondary market, something the $3 trillion industry currently does not offer, which will allow tokenized policies to be easily traded on a peer-to-peer basis, as well as providing the basis for securitization and new offers of products guaranteed by life insurance.
Today’s announcement also highlights the continued growth of the Provenance Blockchain Network. Established in 2018, it provided a purpose-built foundation for regulated financial services institutions, including insurance companies, banks, lenders, asset managers, DeFi protocol and fintech start-ups.
“Finally should be commended for today’s milestone announcement, which portends an immense transformation and improvement across the entire life insurance industry,” said Anthony Moro, CEO of ProvLabs. “We congratulate the entire Infineo team for their much-needed work and innovation, demonstrating the Provenance Blockchain Network’s ability to transform traditional financial services.”
The source Blockchain network consists of a properly licensed public mainnet and owner-managed private zones. Serves as the leading international network for financial services with over $10 billion in financial value locked on-chain and $30 billion in supported transactions as of June 18, 2024
INFORMATION ABOUT INFINEO
finally is digitizing the $3 trillion-plus life insurance industry to create frictionless access to one of the world’s most stable assets for both individuals and large-scale institutions. Infineo is building a life insurance operating system to allow people to manage, trade, leverage and invest their policies using blockchain and AI. Follow us as we revolutionize the life insurance industry by subscribing to our newsletter, by joining our Telegramand following us X, LinkedInAND Youtube.
INFORMATION ABOUT THE BLOCKCHAIN LABORATORIES OF ORIGIN
Provenance Blockchain Labs (ProvLabs) is enabling the new financial services operating system on Provenance Blockchain through unique IP and mission-critical SaaS solutions that provide a frictionless experience for traditional financial firms and fintechs seeking to operate on blockchain technology. ProvLabs solutions are built specifically for Source Blockchain network, the world’s leading protocol for financial services with over $10 billion in total value locked for real assets and over $30 billion in supported asset transactions. Find out more about ProvLabs.ioand follow us Twitter AND LinkedIn.
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SOURCE: Blockchain provenance
View the original Press release on newswire.com.