Infineo Mints the World's First Tokenized Life Insurance Policy on Provenance Blockchain

Infineo, in collaboration with Provenance Blockchain Labs, has announced the minting of the first-ever tokenized life insurance policy using distributed ledger blockchain technology on the Provenance Blockchain. Infineo, aiming to digitize the $3 trillion life insurance industry through blockchain and AI technologies, has already minted $9.4 million worth of life insurance policies on the Provenance Blockchain Mainnet.

The tokenization of these policies marks a significant step towards democratizing life insurance by making it more accessible and affordable globally. The collaboration with Provenance Blockchain Labs facilitates a frictionless experience for various stakeholders, enhancing transparency, efficiency, and affordability.

Infineo's innovative Policy Ledger System secures and maintains an immutable record of all policies, thus protecting policyholders and beneficiaries from unclaimed death benefits worth $7.4 billion. This system also keeps up-to-date information on relevant parties, reducing the risk of lost policies and preventing oversights in asset transfers.

Additionally, infineo is developing a secondary marketplace for tokenized policies, which currently does not exist in the $3 trillion industry. This would enable peer-to-peer transactions and open new avenues for securitization and product offerings backed by life insurance.