The transaction occurred through distributed ledger blockchain technology on the Provenance Blockchain. infineo aims at digitising and democratising life insurance, making it accessible and affordable to a global audience. To date, Infineo has minted $9.4 million worth of life insurance on the platform.
The policies were achieved through a partnership with Provenance Blockchain Labs, a leading SaaS and blockchain development company that provides a frictionless experience for financial institutions and fintechs.
Cole Snell, CEO and Founder of Infineo, said: “After years of research, development, and execution, we are pleased to deliver what we believe to be the best tokenisation use case of real-world assets. The digitisation 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.”
Tokenised policies sit within infineo’s Policy Ledger System, which provides a secure, unchangeable record of all policies, protecting policyholders and beneficiaries from $7.4 billion in unclaimed death benefits. The Ledger maintains an up-to-date record ensuring beneficiaries are notified promptly about entitlements.
In addition to providing the basis for securitisations and product offerings backed by life insurance, Infineo is also building a robust secondary marketplace, which will allow tokenised policies to be transacted on a peer-to-peer basis, currently unavailable in the industry.
Provenance Blockchain Network was founded in 2018. Its founder and CEO Anthony Moro commented on today’s announcement: “Infineo should be lauded for today’s milestone announcement, which portends an immense transformation and improvement of the entire life insurance sector. We congratulate the entire Infineo team for their indispensable work and innovation, demonstrating the Provenance Blockchain Network’s ability to transform traditional financial services.”
The Provenance Blockchain Network 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 2024.
