One of the world’s largest public insurers MetLife, Inc. has joined the R3 blockchain consortium of 60 major global institutions focused on applying distributed ledger technologies for the financial markets.
MetLife will partner with R3 members to explore how blockchain technology can be leveraged in an insurance environment to streamline activities such as new investments management, business processing, policy administration, customer payments and distribution of proceeds.
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“R3’s work has proven how blockchain technology can disrupt how business is done today. MetLife is proud to be the first multinational insurer and 60th member to join this prestigious group,” said Marty Lippert, Executive Vice President and head of MetLife’s Global Technology & Operations organization.
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.”