30 August 2021

Renaissance Insurance has received a FinAward’21 prize for innovations and achievements in the financial industry for its blockchain-based cargo insurance project.
Renaissance Insurance was the first company to use blockchain technology in the Russian insurance market. Blockchain is a highly structured, decentralised system that prevents tampering and distributes data over a network to guarantee oversight and secure storage.
“The system has access to all transport parameters, from information on the senders and recipients to documents with every adjustment made during transportation. The new technology eliminates the risk of error, reduces data processing costs and also enables the automation of payments. This makes receiving payments much simpler and greatly reduces the time need to process payments”, says Vladimir Tarasov, a Vice President at Renaissance Insurance.
The FinAwards are given out annually to financial companies for advanced products and IT solutions. This year, 75 projects from banks, insurers and other financial and IT companies were nominated for awards.