A blockchain symposium in Bermuda next week will be hosted in partnership with Xceedance and ChainThat.

Xceedance is a global provider of insurance consulting, managed services, technology, and data sciences. It has offices in the US, UK, India, Poland and Bermuda. While ChainThat is a pioneer in blockchain technology for the insurance and reinsurance industry.

The Bermuda on Blockchain event is being hosted and moderated by Reinsurance.com, a global reinsurance media platform, in association with the Bermuda Business Development Agency.

Arun Balakrishnan, chief executive officer of Xceedance, said: “The re/insurance industry faces serious challenges — including soft rates, low margins, and high operating costs — and insurers need intelligent technologies such as blockchain to contribute to operational efficiencies.

“Bermuda has long been at the forefront of insurtech innovation, offering an advantageous atmosphere for the development and deployment of technologies which can create much needed efficiencies in the global insurance industry. There is excitement and opportunity around blockchain, and we look forward to hearing about latest developments from industry experts at the event.”

David Burt, the Premier, will also address delegates about Bermuda’s efforts to establish itself as a leader in insurtech.

David Edwards, CEO of ChainThat, said: “A recent study we conducted with leading blockchain developer R3 found that blockchain can potentially deliver transformative operational cost savings of almost $50 billion annually to the re/insurance industry.

“As a world-renowned reinsurance market with best-in-class infrastructure and a transparent regulatory environment, the Bermuda insurance community is encouraging and enabling the blockchain industry. We’re happy to be hosting this symposium in a strategic setting for insurance innovation.”

The event takes place at the Bermuda Underwater Exploration Institute on June 7, starting a 1pm.

Speakers, panellists, and participants will deliberate on current insurtech and blockchain initiatives, consider the risks and rewards of using blockchain, and discuss the value blockchain technology can deliver to the re/insurance industry.

For more information on the event, visit https://www.re-insurance.com/bermuda2018/home