ChainThat, a UK-based insurtech start-up, has secured approval to join the Bermuda Monetary Authority’s (BMA) Innovation Hub.

In April 2018, the BMA launched the Innovation Hub initiative to offer insurtech firms with the ability to share ideas and information with BMA representatives before applying for entry to its Sandbox programme.

ChainThat was established in 2015. Leveraging distributed ledger technology (blockchain) and smart contracts, ChainThat helps to improve business efficiencies and reduce operational expenses.

ChainThat CEO David Edwards said: “ChainThat are delighted to be the first (technology) company to be approved to join the Innovation Hub. Since the launch of our Bermuda platform in March we have been in regular contact with the BMA.

“To be granted approval to join the Innovation Hub and have access to a BMA representative to exchange ideas and provide expert guidance will be hugely beneficial to ChainThat, the trial participants and the trial Steering committee as the trial progresses and we look forward to working with the BMA”.

Being part of the innovation hub, ChainThat will launch a production trial of its digital decentralised re/insurance platform next month.