Parameta Completes Tech Verification for Deposit Token-Based Insurance Process with Shinhan EZ Insurance

Web3 Enabler Parameta (PARAMETA, formerly IconLoop) announced on the 17th that it has completed a technology verification (PoC) with Shinhan EZ Insurance covering the entire insurance process from product creation to settlement, including premium payments and claim disbursements using deposit tokens.

The company stated that this PoC went beyond utilizing deposit tokens as simple payment methods by connecting all aspects of insurance operations on a blockchain, verifying structures for tracking decision evidence and processing history. Both parties tested the full workflow in a test environment, including product creation, premium collection, data gathering for claims assessment, condition verification, claim payments, exception handling, and settlement.

By leveraging blockchain technology, they implemented a reliable system based on external indicators like weather data to verify and process claims, while maintaining traceability of decision data and processing history. Parameta utilized its digital asset financial infrastructure 'Parasta' to implement the entire insurance process from product registration through premium collection, external indicator-based data verification, claim payments, exception handling, and settlement using blockchain and smart contracts in a test environment.

Parameta CEO Kim Jong-hyeop stated that this verification was significant not just for using deposit tokens as payment methods but also for implementing the full process of determining insurance conditions based on external indicators and connecting them to claims and settlements. He added that Parameta, with its blockchain infrastructure supporting financial institutions' digital asset utilization, will continue to explore multiple angles to concretize the application scope of comprehensive insurance operations in collaboration with Shinhan EZ Insurance.