Río Uruguay Seguros implements a virtual wallet for intermediaries and its own cryptocurrency

29 October 2020


Argentinian ICMIF member Río Uruguay Seguros (RUS) is the first insurance company in South America to implement a virtual wallet with its own cryptocurrency based on Blockchain. Under the name RUS Coin, RUS will use this new cryptocurrency to reward insurance intermediaries for their digitisation actions and diversified insurance sales. The intermediaries are now able to exchange that balance for products and benefits in the RUS Store.

On Tuesday 27 October, RUS ended the first stage of the journey that began in January when it launched its RUS Coin project: a cryptocurrency that rewards agents who help the company in its digitisation journey and in the sale of various insurance products.

Since the beginning of the year, each RUS insurance intermediary has a virtual wallet in their RUS advisor application, where they can see the accumulated RUS Coin and the allocation history. Starting today, the intermediaries now also have the RUS Store where they can exchange that balance for products and benefits from the company.

To drive the project, RUS made a strategic alliance with Koibanx, a company that is dedicated to the development of comprehensive blockchain solutions, both for the private and government sectors. Koibanx is also the creator of a platform that offers customised solutions on blockchain technology for the financial ecosystem, which allow faster, safer and cheaper operations. RUS says Koibanx’s proprietary technology makes it the leading local company in its industry.

Now that the virtual wallet and cryptocurrency have been launched, RUS will continue with research and development projects for the implementation of blockchain in the other business areas of the company. This new technology will also enable universities with which RUS has agreements, through its U-RUS Corporate University, to join in the research and development of the platform.

Regarding the selection of Koibanx to carry out this project, Andrés Fiorotto, RUS Digital Transformation Coordinator, said:  “They were chosen mainly because we saw that the company had not only the knowledge that interested us in order to carry out this project but also the openness to share this knowledge, in addition to the flexibility to adapt to the specific needs that RUS has in terms of Blockchain development, and this not only for the company but also for the insurance market in general.”

Fiorotto added that the crypto wallet and this transformation process of the company “represents a huge challenge because we are talking about something very new for the market in general, we are discovering how to use this technology in the insurance market. We are working without manuals and without antecedents, unlike what happens with other technologies. Therefore, we are making our own approach. In that sense, Koibanx shares its experience with us in order to answer our many questions that allow us to pioneer something completely innovative.”

The final objective of the alliance between both companies is to provide a greater commercial identity to RUS and at the same time encourage value added transactions, transparency on our digitised processes and contribute to circular economies.

For member-only strategic content on the cooperative/mutual insurance sector, ICMIF members have exclusive access to a range of online resources through the ICMIF Knowledge Hub.

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