Symbiont, the smart contracts platform for institutional uses of blockchain technology, has announced it will be hosting a live WebEx demonstration of its platform for insurance industry participants on September 20, 2016 at 2 p.m. ET. Exclusively for insurance industry executives, investors, brokers or consultants, participants must pre-register for the event.
During the demo, Symbiont will execute a live catastrophe swap contract between two hypothetical parties, which will be recorded on its distributed ledger. The demo will then follow the lifecycle of the swap, showing how Symbiont’s proprietary smart contract technology handles various scenarios-including the trigger of a payment pursuant to the swap, and how the technology handles automatic updates when new industry loss estimates become available. Participants in the demo will view a side-by-side depiction of the screens of both parties to the hypothetical swap, allowing tracking of what each party would see at all times, and will show automatic updates to the ledger when events meet pre-defined triggers.
The smart contracts platform provided a version of its technology for a pilot catastrophe swap in June 2016, which was executed by a European insurance company. Symbiont’s smart contracts platform has the ability to automate many administrative functions currently performed by the insurance industry, which would have the effect of reducing costs and the potential for disputes. Symbiont also expects its technology to foster new business opportunities for insurers as the industry simplifies complex businesses processes.