Z/Yen's Mutual Distributed Ledger (aka blockchain) Technology Delivers Immutable Substantiation for Blem Information Management's Excess-of-Loss Reinsurance System, XLRAS
Z/Yen Group is pleased to announce that Blem Information Management Ltd's XLRAS reinsurance administration system now uses Z/Yen's MetroGnomo timestamping and document retrieval system to increase trust in reinsurance records.
With MetroGnomo XLRAS timestamps and hashes information supporting reinsurers debt calculation onto a transparent authoritative immutable ledger. This generates proof that given pieces of information existed at a given time.
This XLRAS development enhances contract and transactional certainty across XLRAS's scope of reinsurance recovery administration. XLRAS clients will henceforth be able to provide permanent blockchain evidence for any XLRAS data or output they choose.
One of several use cases is the automatic time stamping of each reinsurance collection produced by XLRAS, evidencing them in an encrypted form in perpetuity. Blem's R&D with blockchain is ongoing with other solutions in the pipeline.
MetroGnomo uses Z/Yen's ChainZy woven broadcast technology to cast the ledger in multiple locations. The States of Alderney believes its support for MetroGnomo lends assurance to this initiative, while enabling an evaluation of the potential in the technology and possible future common standards of service. Alderney is overseeing MetroGnomo's integrity until 2021.
Gavin Blem, Managing Director of Blem Information Management, said:
"The ChainZy offering is elegant and simpler to implement than many of the other technologies we are working with in this space. I am sure our clients will find this seamless adoption of distributed ledger capability to be comforting and useful early steps into the blockchain era."
Professor Michael Mainelli, Executive Chairman of Z/Yen, concludes:
"2016 has been the year we've moved from proof-of-concept projects for mutual distributed ledgers to working systems. XLRAS is the second insurance offering to use Z/Yen's ChainZy technology. We look forward to several more announcements of applications for blockchain technology in wholesale insurance."
Notes to editors
Blem Information Management
Blem Information Management Ltd, established in 1987, provide innovative and specialist software solutions to the London insurance market. The team of three at Blem pride themselves on nearly 30 years of delivering near immediate response to ever-changing market requirements. Priority is consistently given to maintaining agility and personal service in support of each client's needs. XLRAS was amongst the first Windows systems delivered to the market in the early 1990's and through its enduring evolutions since, it remains the fastest solution to London market requirements for calculating and producing recoveries on large and complex reinsurance programs. XLRAS is used daily by London market companies and Lloyd's managing agents to optimise their reinsurance assets and cashflow, all in support of their global insurance businesses. Blem proactively engage in R&D to select and implement technologies of relevance and benefit to their clients. Blockchain and smart contracts are just the latest fields in which the team are rapidly building expertise and solutions.
Z/Yen is the City of London's leading commercial think-do tank promoting societal advance through better finance and technology. Z/Yen helps organisations make better decisions about enhancing reward, controlling risk and increasing certainty. Z/Yen's clients are in many sectors, most often where technology and finance try to achieve a social purpose. Z/Yen works with clients to discover, solve, and act on opportunities by managing programmes and projects, building systems, and creating collaborative communities. Z/Yen implemented its first mutual distributed ledgers (aka blockchains) in 1995.
States of Alderney
The States of Alderney is the legislative assembly of the Channel Island of Alderney, which remains a separate jurisdiction within the Bailiwick of Guernsey. The main economic drivers on Alderney include business services, finance, eGaming, tourism and energy. Alderney seeks to become the leading centre for regulation and standards for mutual distributed ledgers.