top of page

Infineo Unveils First-Ever Tokenized Life Insurance Policy on Provenance Blockchain

By tokenizing the world's first life insurance policy, Infineo is showcasing the transformative potential of blockchain technology in traditional financial services.


By tokenizing the world's first life insurance policy, Infineo is showcasing the transformative potential of blockchain technology in traditional financial services.
Credit: Foretoken Media 2024

SAN FRANCISCO, CA – Infineo, a trailblazer in the life insurance sector, has successfully executed the first tokenized life insurance policy on the Provenance Blockchain. This landmark achievement marks a significant advancement in digitizing real-world assets, making life insurance more accessible and affordable on a global scale. To date, Infineo has minted $9.4 million worth of life insurance policies on the Provenance Blockchain Mainnet.


Partnership with Provenance Blockchain Labs


This innovative milestone, announced in a post on X, was made possible through a strategic partnership with Provenance Blockchain Labs (ProvLabs), a renowned SaaS and blockchain development firm. ProvLabs specializes in creating seamless blockchain solutions for traditional financial institutions, DeFi platforms, and fintech companies.


Cole Snell, Founder and CEO of Infineo, emphasized that after years of research and development, they have achieved the optimal use case for tokenizing real-world assets. He highlighted the digitization of life insurance policies as a move that enhances global accessibility and brings cost efficiencies for stakeholders.


Ensuring Security and Efficiency with Advanced Technology


Infineo’s tokenized policies are managed on its sophisticated Policy Ledger System, which ensures a secure and immutable record of all policies. This system protects policyholders and beneficiaries from unclaimed death benefits, amounting to $7.4 billion.


By maintaining current information on all relevant parties, the Ledger minimizes the risk of lost policies and prevents oversights in asset transfers. Additionally, it actively informs beneficiaries about their entitlements.


In a bid to further revolutionize the life insurance industry, Infineo is developing a secondary marketplace for tokenized policies. This marketplace will facilitate peer-to-peer transactions, provide a foundation for securitization, and introduce new product offerings backed by life insurance. This feature is currently absent in the $3 trillion life insurance industry.


Growth and Impact of the Provenance Blockchain Network


Since its establishment in 2018, the Provenance Blockchain Network has become a key platform for regulated financial services institutions. It supports insurance firms, banks, lenders, asset managers, DeFi protocols, and fintech startups.


Anthony Moro, CEO of ProvLabs, praised Infineo’s achievement, suggesting it signals a substantial transformation in the life insurance sector. He commended Infineo’s team for their innovative work, showcasing the Provenance Blockchain Network’s capability to revolutionize traditional financial services.


Infineo’s pioneering use of blockchain technology in life insurance is set to have far-reaching implications. By enhancing transparency, security, and efficiency, the company is setting a new standard in the industry.


The integration of blockchain and AI in life insurance not only democratizes access but also opens up new avenues for innovation and growth. As Infineo continues to develop its secondary marketplace, the potential for further disruption in the life insurance sector is substantial.

Comments


bottom of page