Blockchain for Insurance Industry
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Transcript of Blockchain for Insurance Industry
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Wave of Digital Disruption
What’s wrong with this statistics?
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Unicorn “unicorns”—private companies valued at $1 billion or more.
The billion-dollar technology startup was once the stuff of myth.
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Business Section
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• Blockchain is a very special kind of distributed Database
• Peer network node data stores are systems allowing users to replicate and share files across a network
Update data concurrently
Claim
Actuary
Accounting
Manager
What’s the right one?
Google Sheet
Actuary Accounting
Claim Manager
o On cloud services o Public View o Trusted Networks o Overridden Content o Unauthorized Update o No Tracking version o Controlled by a single entity. o Single point of failure.
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• Blockchain is leverage cryptography to provide a decentralized multi-version concurrency control mechanism and to maintain consensus about the existence and status of shared facts in trustless environments
Auto-Sync with Trusted
Actuary Accounting
Claim Manager
How blockchain work?
Benefits of Blockchain
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CHANGE THE WORLD Shared public database without any central authority or party
responsible for its maintenance and improvement.
Interbank Payment Operations
Digital Currency Market
Enterprise Letter of Guarantee on Blockchain
SCB invests in blockchain tech leader, Ripple
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Case Study Thailand National Health Services
Current EMR Architecture
Current EMR Architecture
EMR : Solution #2 : Enterprise Service Bus
EMR : Solution #3 : Blockchain
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Global Insurance With Blockchain
If Blockchain technology proves viable, it could well streamline paper work and reconciliations for (re-) insurance contracts and accelerate information and money flows, while greatly improving auditability.
Blockchain offers huge potential for enabling digital contracts and transactions amongst multiple parties to be executed in a secure, transparent and auditable way. Streamlining communication and transactions would subsequently improve industry processes and provide better insurance services to customers
B3i
Benefits B3i
• Platform Solution to exchange (re-) insurance information
• Standardize & Compliance
• Distributed ledger (Block chain) – Smart Contract
– Payment
– Cryptography (secure and private)
• Covers the major elements of the Property Cat XL reinsurance contract life cycle (i.e. smart contract setup, premium settlement and claim settlement).
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Blockchain InsurTech
Digital Transformation For Insurance
Robot Claim Assessor
Digital Policy
Digital Payment
Global Policy Blockchain
Authenticity Receipt
Blockchain
Payment Blockchain
Insurance: Digital Transformation
E-Commerce
Insurance Policy’s Block Chain
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Broker
Broker
Millennial Customer
Agency
Regulator
Reinsurer Cluster
Regular Customer
Blockchain Insurance Policy
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Insurer
Broker
Broker
Millennial Customer
Agency
Regulator
Reinsurer Cluster
Regular Customer
Policy
Replication of Traditional Policy
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Insurer
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Broker
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Millennial Customer
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Regulator
Reinsurer Cluster
Regular Customer
Policy
Replication of Digital Policy
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Millennial Customer
Agency
Regulator
Reinsurer Cluster
Regular Customer
Digital Policy
o Policy Viewer o Benefits FAQ o Provider location o Claim Status o Renewal Alert o Digital Payment o Discount Point o Reward Program o Friend Promoter o Shared Pool
Regulator Audits & Research
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Millennial Customer
Agency
Regulator
Reinsurer Cluster
Regular Customer
Reinsurer Risk Accumulation & XL Stat.
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Insurer
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Broker
Broker
Millennial Customer
Agency
Regulator
Reinsurer Cluster
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Insurance Claim’s Block Chain
Insurer
Insurer
Insurer
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Millennial Customer
Agency
Regulator
Reinsurer Cluster
Regular Customer
P o l i c y C h a i n
AI Claim
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Broker
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Millennial Customer
Agency
Regulator
Reinsurer Cluster
Regular Customer
P o l i c y C h a i n
#1 Claim History for Automate Claim
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Payment Platform (Cashless)
Ecommerce
Mobile
Telecom
Digital Bank
Digital Currency
Social/Chat
Startup/ Others
Jeaw
Bank of Thailand: QR Code Standard
Payment’ Block chain
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Insurer
Insurer
Broker
Broker
Millennial Customer
Agency
Regulator
Regular Customer
P o l i c y C h a i n
#1 Credit History for Insurance Lending
