infineo Mints the World’s First Tokenized Life Insurance Policy on Provenance Blockchain
In collaboration with Provenance Blockchain Labs, this milestone highlights the use case for digitization to improve transparency, efficiency, and affordability for policyholders, carriers, and investors
NEW YORK, June 18, 2024 (Newswire.com) - infineo, a company dedicated to digitizing the $3 trillion life insurance industry by utilizing blockchain and AI technologies, today announced that it has transacted the first-ever tokenized life insurance policy through distributed ledger blockchain technology on the Provenance Blockchain. Amid the paradigm shift to digitize real-world assets, infineo is democratizing one of the oldest and most reliable financial instruments by making life insurance accessible and affordable to a global audience. To date, infineo has minted $9.4 million worth of life insurance on the Provenance Blockchain Mainnet.
The policies were tokenized through a collaboration with Provenance Blockchain Labs (ProvLabs), a leading SaaS and blockchain development company dedicated to providing a frictionless experience for traditional financial firms, DeFi platforms and fintechs on the Provenance Blockchain.
“After years of research, development and execution, we are pleased to deliver what we believe to be the best tokenization use case of real-world assets,” said infineo Founder and CEO Cole Snell. “The digitization of life insurance policies not only unlocks global accessibility to life insurance but also delivers efficiencies and cost savings for industry stakeholders at every point along the value chain.”
Tokenized policies live on infineo's advanced Policy Ledger System which provides a secure, immutable record of all policies, protecting policyholders and beneficiaries from $7.4 billion in unclaimed death benefits. The Ledger maintains up-to-date information on relevant parties, thus reducing the risk of lost policies, while also preventing oversights in asset transfers and actively notifying beneficiaries about their entitlement.
Additionally, infineo is actively building a robust secondary marketplace–something that the $3 trillion industry does not currently offer–which will allow tokenized policies to be easily transacted on a peer-to-peer basis, in addition to providing the basis for securitization and new product offerings backed by life insurance.
Today’s announcement also highlights the ongoing growth of the Provenance Blockchain Network. Established in 2018, it has provided a purpose-built foundation for regulated financial services institutions, including insurance firms, banks, lenders, asset managers, DeFi protocol and fintech start-ups.
“infineo should be lauded for today’s milestone announcement, which portends an immense transformation and improvement of the entire life insurance sector,” said Anthony Moro, CEO of ProvLabs. “We congratulate the entire infineo team for their indispensable work and innovation, demonstrating the Provenance Blockchain Network ability to transform traditional financial services.”
The Provenance Blockchain Network consists of a public properly permissioned Mainnet and private permissioned owner-operated Zones. It serves as the premier international network for financial services with over $10 billion of financial value locked on-chain and $30 billion in supported transactions as of June 18, 2024
ABOUT INFINEO
infineo is digitizing the $3T+ life insurance industry to create friction-free access to one of the world's most stable assets for both individuals and institutions at scale. infineo is building a life insurance operating system to allow people to manage, trade, leverage, and invest their policies using blockchain and AI. Follow us as we revolutionize the life insurance industry by subscribing to our newsletter, joining our Telegram, and following us on X, LinkedIn, and YouTube.
ABOUT PROVENANCE BLOCKCHAIN LABS
Provenance Blockchain Labs (ProvLabs) is enabling the new financial services operating system on Provenance Blockchain through unique IP and mission-critical SaaS solutions that provide a frictionless experience for traditional financial firms and fintechs who seek to operate on blockchain technology. ProvLabs’ solutions are built specifically for Provenance Blockchain Network, the global leading protocol for financial services with over $10 billion in total value locked for real-world assets and over $30 billion in supported asset transactions. Learn more at ProvLabs.io, and follow us on Twitter and LinkedIn.
MEDIA CONTACTS:
Ryan Dicovitsky / Ellie Johnson
Dukas Linden Public Relations
Source: Provenance Blockchain
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Tags: digital assets, Provenance Blockchain, tokenization
