MetLife has joined the R3 partnership with the goal of helping the consortium discover ways to create distributed ledger technologies that can disrupt the insurance industry.
The insurance giant is the 60th member of the consortium, which was founded in September 2015. The firm will look at improving efficiencies in the management of new investments, business processing, policy administration, customer payments and distribution of proceeds.
"The addition of a major insurance player such as MetLife is testament to the growing interest in distributed ledger technology amongst the non-bank financial services community," said David Rutter, CEO of R3, in a statement. "Our consortium is now one of the largest of its kind ever assembled in the financial technology space, with some of the world's largest banks and financial institutions working together to deliver cutting-edge solutions that can be applied to the benefit of all end users and their clients."
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