Blockchain in Commercial Insurance
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Transcript of Blockchain in Commercial Insurance
CodeNode
ChainConf Bytes – Thursday 4th May 2017
1 © Distlytics Ltd 2017
Can Blockchain bring a 17th Century Industry
into the 21st Century?
Gary Nuttall
Managing Director
Agenda
1. Introductions
2. General vs Specialist Insurance
3. Potential Use Cases
4. Proof of Concept Targets
5. Learning Outcomes
6. Q & A
Agenda
1. Introductions
2. General vs Specialist Insurance
3. Potential Use Cases
4. Proof of Concept Targets
5. Learning Outcomes
6. Q & A
1 - Introduction: Me
1 - Introduction: YOU!
Developers ?
Designers ?
Testers ?
Analysts ?
Learners?
Blockchain Experts ?
This presentation reflects my personal views and is not intended to reflect the views of past, current and
prospective employers, clients or other agents.
"Prediction is very difficult, especially if it's
about the future."
Nils Bohr, Nobel laureate in Physics
Caveat: Please read the small print…
Agenda
1. Introductions
2. General vs Commercial Insurance
3. Potential Use Cases
4. Proof of Concept Targets
5. Learning Outcomes
6. Q & A
2.1 General Insurance
Consumer/Small Business
Home – Buildings & Contents
Property – Motor, high value items, mobiles, electronics
Life, Travel
Accident/Health/Medical
Distribution:
Direct
Aggregator
2.1 General Insurance
2.1 General Insurance
2.2 Specialist Insurance
2.2 Specialist Insurance
2.2 Specialist Insurance
(LMG/BCG London Matters Report, Nov 2014)
2.2 Specialist Insurance
Key features:
• Large capital reserves to cater for major claims & catastrophe
events
• Exposure/liability often “long-tail”
• Complexity reduces ability to commoditise
• Emerging risks – uncertain/unknown problems
• Requires risk pooling/sharing (Syndication)
• Reinsurance allows better risk management
• RoE critical
2.2 Specialist Insurance
(LMG/BCG London Matters Report, Nov 2014)
2.2 Specialist Insurance
Agenda
1. Introductions
2. General vs Specialist Insurance
3. Potential Use Cases
4. Proof of Concept Targets
5. Learning Outcomes
6. Q & A
3. Potential Use Cases
3. Potential Use Cases
3. Potential Use Cases
How does it work ? Lloyd’s
Underwriter
Broker
Underwriter
Claims Mgt
Broker
Underwriter
Underwriter
Underwriter
Broker
How does it work ? Lloyd’s
Underwriter
Broker
Underwriter
Claims Mgt
Broker
Underwriter
Underwriter
Underwriter
Broker
(from LM TOM consultation)
3. Potential Use Cases
3. Potential Use Cases
(from LM TOM consultation)
The Market is already aligned with P2P ☺
There are many opportunities across the value chain
3. Potential Use Cases
Agenda
1. Introductions
2. General vs Specialist Insurance
3. Potential Use Cases
4. Proof of Concept Targets
5. Learning Outcomes
6. Q & A
4. Proof of Concept Targets
Criteria:
• Require multi-party participation
• Have different access requirements for participants
• Benefit from improved transparency
• Require minimal (if any) integration with existing systems
• Be sufficiently small to fit with a short PoC whilst providing
sufficient opportunity to conduct a representative
simulation
• Benefit from an improvement to the existing
process/method
• Not directly conflict with any in-flight workstream
• Have an appetite expressed by the market to be worthy of
consideration From Blockchain Interim Report
(http://isupporttom.london/media/8976/blockchain-interim-report.pdf )
4. Proof of Concept Targets
PoC 1 - Claims Bordereau – As-Is
From Blockchain – So What? Discussion paper
(http://isupporttom.london/media/8978/blockchain-so-what-discussion-paper.pdf )
4. Proof of Concept Targets
PoC 1 - Claims Bordereau – To-Be
From Blockchain – So What? Discussion paper
(http://isupporttom.london/media/8978/blockchain-so-what-discussion-paper.pdf )
4. Proof of Concept Targets
PoC 2 – Delegated Authority KYC – As-Is
From Blockchain – So What? Discussion paper
(http://isupporttom.london/media/8978/blockchain-so-what-discussion-paper.pdf )
4. Proof of Concept Targets
PoC 2 – Delegated Authority KYC – To-Be
From Blockchain – So What? Discussion paper
(http://isupporttom.london/media/8978/blockchain-so-what-discussion-paper.pdf )
Agenda
1. Introductions
2. General vs Specialist Insurance
3. Potential Use Cases
4. Proof of Concept Targets
5. Learning Outcomes
6. Q & A
5. Learning Outcomes
From Blockchain Interim Report
(http://isupporttom.london/media/8976/blockchain-interim-report.pdf )
5. Learning Outcomes – Learn more!
From Blockchain Interim Report
(http://isupporttom.london/media/8976/blockchain-interim-report.pdf )
5. Learning Outcomes – Learn more!
From Blockchain Interim Report
(http://isupporttom.london/media/8976/blockchain-interim-report.pdf )
5. Learning Outcomes – Surprises!
80% of business is renewal based ….. Which means it’s not digital
5. Learning Outcomes – Surprises!
Yes please! – How can we help ?
High level of participation
Eager to investigate & explore
Vendor support
Executive support
5. Learning Outcomes – Surprises!
Doesn’t look any different!
From Blockchain – So What? Discussion paper
(http://isupporttom.london/media/8978/blockchain-so-what-discussion-paper.pdf )
6. Q & A
THANK YOU!
USEFUL RESOURCES
www.distlytics.com
www.blocksure.com
www.teamblockchain.net
www.isupportTOM.London
Gary Nuttall
EMAIL: [email protected]
TWITTER: @GPN01
LINKEDIN: https://uk.linkedin.com/in/garynuttall