South Korea’s non-life insurance companies have formed a consortium to introduce blockchain platform in their operations.

The consortium includes a few task forces to seek ways of upgrading consumer services, including document storage, transfer and issuing services.

A Korea Non-Life Insurance Association executive said they would not immediately introduce the blockchain platforms. He added, “We are contacting the blockchain developers for hearing their advice.”

As the government’s position on blockchain and cryptocurrency is still negative, Samsung Non-Life Insurance has not joined the consortium, and the other non-life insurers are taking a wait-and-see attitude.

The domestic life insurers have agreed to use the blockchain platform in issuing receipts for premium collection.

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