Insurance firm MetLife has joined the R3 distributed ledger consortium, which now comprises of 60 of the world’s largest financial institutions. The partnership focuses on designing and applying distributed and shared ledger-inspired technologies for global financial markets.
MetLife will partner with R3 members to explore blockchain’s capabilities in an insurance environment, including to streamline activities such as new investments managed, business processing, policy administration, customer payments and distribution of proceeds.
David Rutter, CEO of R3, commented: “The addition of a major insurance player such as MetLife is testament to the growing interest in distributed ledger technology amongst the non-bank financial services community. Our consortium is now one of the largest of its kind ever assembled in the financial technology space, with some of the world’s largest banks and financial institutions working together to deliver cutting-edge solutions that can be applied to the benefit of all end users and their clients.”
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