NEW YORK, NY – 20/06/2024 – (SeaPRwire) – In a groundbreaking move set to redefine the life insurance industry, infineo has announced the successful transaction of the first-ever tokenized life insurance policy using distributed ledger technology on the Provenance Blockchain. This achievement marks a significant step in the digitization of real-world assets, opening new avenues for global accessibility and affordability in life insurance. By leveraging blockchain and AI technologies, infineo aims to democratize this long-standing financial instrument, making it more accessible to a broader audience worldwide. To date, the company has minted an impressive $9.4 million worth of life insurance on the Provenance Blockchain Mainnet.
This pioneering effort was made possible through a strategic collaboration with Provenance Blockchain Labs (ProvLabs), a leading SaaS and blockchain development firm dedicated to creating seamless experiences for traditional financial institutions, DeFi platforms, and fintech startups on the Provenance Blockchain. “After years of rigorous research, development, and execution, we are proud to present what we believe is the most effective tokenization use case for real-world assets,” stated Cole Snell, Founder and CEO of infineo. “Our digitized life insurance policies not only enhance global accessibility but also deliver significant efficiencies and cost savings for stakeholders across the value chain.”
infineo’s advanced Policy Ledger System ensures a secure, immutable record of all policies, protecting policyholders and beneficiaries from the risk of unclaimed death benefits, which currently stand at $7.4 billion. The Ledger maintains accurate and up-to-date information on all relevant parties, reducing the risk of lost policies and preventing errors in asset transfers. It also actively notifies beneficiaries of their entitlements, ensuring that no claims are overlooked.
In addition to these innovations, infineo is developing a robust secondary marketplace, a feature currently absent in the $3 trillion life insurance industry. This marketplace will enable peer-to-peer transactions of tokenized policies and lay the groundwork for securitization and the creation of new products backed by life insurance.
The announcement also underscores the ongoing growth and success of the Provenance Blockchain Network. Established in 2018, Provenance has provided a dedicated foundation for regulated financial services institutions, including insurance companies, banks, lenders, asset managers, DeFi protocols, and fintech startups. “infineo’s milestone achievement signifies a transformative moment for the entire life insurance sector,” said Anthony Moro, CEO of ProvLabs. “We commend the infineo team for their innovative efforts, which showcase the Provenance Blockchain Network’s capacity to revolutionize traditional financial services.”
The Provenance Blockchain Network features a public, properly permissioned Mainnet and private permissioned owner-operated Zones. It is recognized as the leading international network for financial services, with over $10 billion in financial value locked on-chain and $30 billion in supported transactions as of June 18, 2024.
About infineo:
infineo is at the forefront of digitizing the life insurance industry, valued at over $3 trillion. The company aims to create friction-free access to one of the world’s most stable assets for both individuals and institutions on a global scale. By building a comprehensive life insurance operating system, infineo allows users to manage, trade, leverage, and invest in their policies using advanced blockchain and AI technologies. Follow infineo’s journey in revolutionizing the life insurance industry by subscribing to their newsletter, and joining their communities on Telegram, X, LinkedIn, and YouTube.
About Provenance Blockchain Labs:
Provenance Blockchain Labs (ProvLabs) is dedicated to enabling the next generation of financial services through its unique intellectual property and mission-critical SaaS solutions. Designed specifically for the Provenance Blockchain Network, ProvLabs offers a frictionless experience for traditional financial firms and fintechs transitioning to blockchain technology. The Provenance Blockchain Network is the leading protocol for financial services, with over $10 billion in total value locked for real-world assets and more than $30 billion in supported asset transactions. Learn more at ProvLabs.io, and follow them on Twitter and LinkedIn.
SOURCE: Provenance Blockchain
by Arrow123
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