UK insurer selects Amazon to set up pensions blockchain system

Monday 17 June 2019 10:02 CET | News

UK insurer Legal & General has teamed up with Amazon to establish a blockchain system for corporate pension deals.

The insurer said it would use a managed blockchain system launched by Amazon Web Services (AWS) to handle bulk annuities, which involve Legal & General taking over companies’ defined benefit or final salary pension schemes, according to Reuters.

The emerging tech is viewed as a shared database that can securely process and settle transactions without the need for third-party checks. So far, banks and other financial companies have invested millions of dollars in blockchain systems to cut costs and complexity of unwieldy back- and mid-office processes.

L&G is only launching the blockchain platform for bulk annuity business outside its core markets of Britain and the US, although an L&G spokesman said the platform could be extended to those two markets in future.

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Keywords: blockchain, Amazon, technology, corporate pension, insurer, UK, Amazon Web Services, transaction settlement
Countries: World