The R3 distributed ledger consortium has announced that U.S. insurance giant Metlife Inc (NYSE:MET) has become the latest member to join R3.
MetLife becomes the second major insurance group to join R3. We had earlier reported that AIA Group Ltd (HKG:1299), the largest independent publicly listed pan-Asian life insurance group, had become an R3 member back in June.
The R3 partnership is a consortium comprised of 60 of the world’s largest financial institutions, focused on designing and applying distributed and shared ledger-inspired technologies for global financial markets.
As one of the largest insurers in the world, 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.
Marty Lippert, EVP and head of MetLife’s Global Technology & Operations organization said:
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.
The R3 team of financial industry veterans, technologists and blockchain and cryptocurrency experts collaborate with consortium members on research, experimentation, design and engineering to help advance technology to meet banking requirements for identity, privacy, security, scalability, interoperability and integration with legacy systems.
Consortium members worked closely with R3 to develop Corda, its shared ledger platform specifically designed to record, manage and synchronise financial agreements between regulated financial institutions. While leveraging the benefits of blockchain systems, Corda also incorporates additional complex requirements necessary in many banking scenarios.
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.
MetLife joins the global network of R3 partners united in its lab environment, the R3 Lab and Research Centre, which has quickly become a center of gravity for collaborative research and testing of distributed and shared-ledger inspired technologies.