©B3i 2018
BFC EU 2018| 3rd
October 2018
Getting Blockchain Out of The Lab and Into the Business:
Delivering Real Solutions
©B3i 2018
Agenda
2 BFC EU 2018 | Getting Blockchain Out of The Lab and Into the Business: Delivering Real Solutions
The Blockchain
Insurance Industry
Initiative
©B3i 2018
Blockchain technology – Simple definition
3 BFC EU 2018 | Getting Blockchain Out of The Lab and Into the Business: Delivering Real Solutions
Blockchain is a distributed database.
©B3i 2018
Blockchain technology – It is a toolbox
4 BFC EU 2018 | Getting Blockchain Out of The Lab and Into the Business: Delivering Real Solutions
©B3i 2018
Blockchain technology – Key features B3i uses
BFC EU 2018 | Getting Blockchain Out of The Lab and Into the Business: Delivering Real Solutions5
Sharedledger
Smart Contracts
Immutability CryptographyConsensus
©B3i 2018
Blockchain technology – It is a toolbox – you have a choice
6 BFC EU 2018 | Getting Blockchain Out of The Lab and Into the Business: Delivering Real Solutions
©B3i 2018
Agenda
7 BFC EU 2018 | Getting Blockchain Out of The Lab and Into the Business: Delivering Real Solutions
The Blockchain
Insurance Industry
Initiative
©B3i 2018
Insurance industry – Six core challenges
8 BFC EU 2018 | Getting Blockchain Out of The Lab and Into the Business: Delivering Real Solutions
Closing / reducing the
Protection GapImproving data quality and
consistencyReducing
transaction costs
Entrance of new market participants
Enabling optimal utilisation of data
Setting standards and enabling interoperability
Growth Quality Efficiency
©B3i 2018
Insurance – Start acting as a network!
Risk owner
Direct peer to peer connection
Risk taker
Broker
BFC EU 2018 | Getting Blockchain Out of The Lab and Into the Business: Delivering Real Solutions9
©B3i 2018
Agenda
10 BFC EU 2018 | Getting Blockchain Out of The Lab and Into the Business: Delivering Real Solutions
The Blockchain
Insurance Industry
Initiative
©B3i 2018
B3i history – Transition from an initiative to a company
11 BFC EU 2018 | Getting Blockchain Out of The Lab and Into the Business: Delivering Real Solutions
Oct 16
Founded
Dec 16
Expanded to15 members
Jun 17
Prototypecompleted
Sep 17
Monte Carlolaunch
Oct 17
Joined by 23market testers
Nov 17 – Feb 18
Market study& price testing
Mar 18
Incorporation
©B3i 2018
B3i’s first product – Prop Cat XoL
12 BFC EU 2018 | Getting Blockchain Out of The Lab and Into the Business: Delivering Real Solutions
Contract / Policy administration
Cover / Purchase /Placing / Underwriting
Premiummanagement
Claimsmanagement
Settlementand payments
B3i
pro
cess
Information transparency
Contract certainty
Process efficiency
Accelerated claim process
Accelerated payments
Shared contract exchange – single source of truth
No reconciliations of signed / counter-signed contract versions
Real-time distribution of a digitally enforced contract
Visibility of amendmentsand immediacy of endorsement terms
Automated premium mgmt. through smart contract
Technical bookings shared in distributed ledger
Claim agreement process enhanced with immutable contract
Smart contract reduces checking / verification need
Fast cash flow leads to lower working capital requirements
Reduction in unallocated cash
Mai
n be
nefi
t
©B3i 2018
B3i Vision – Acceleration of change
Accelerate the world’s transition to more relevant, accessible and
affordable insurance
BFC EU 2018 | Getting Blockchain Out of The Lab and Into the Business: Delivering Real Solutions13
©B3i 2018
The B3i ecosystem – Facilitate the network
14 BFC EU 2018 | Getting Blockchain Out of The Lab and Into the Business: Delivering Real Solutions
B3iDLTCore
B3i products
Partner products
Partnerservices
LargeCommer-
cial
Reinsurer
Insurer
Private investor
Broker
Risk manager
Consumer SME
Financialinstitution
…
B3i software products target
frictionless transfer of risks through
smart contracts (e.g. Prop Cat XOL)
B3i distributed platform allows Partners
to offer smart insurance contracts and
value added services to the B3i network
B3i infrastructure enables customers
to transact on a trusted and secure
shared ledger network
©B3i 2018
The B3i ecosystem – Growth, improved quality and efficiency
Efficiency
Growth
Quality
BFC EU 2018 | Getting Blockchain Out of The Lab and Into the Business: Delivering Real Solutions15
©B3i 2018
Silicon Anode Batteries
How to get Blockchain out of the lab?
16 BFC EU 2018 | Getting Blockchain Out of The Lab and Into the Business: Delivering Real Solutions
Source: Gartner
Plateau will be reached in:
Less than 2 years
2 to 5 years
5 to 10 years
More than 10 years
InnovationTrigger
Peak of Inflated Expectations
Trough ofDisillusionment
Slope ofEnlightenment
Plateau ofProductivity
Time
Smart Dust
Artificial General Intelligence
Biotech — Cultured or Artificial Tissue
4D Printing
Human AugmentationKnowledge Graphs
Neuromorphic Hardware
Blockchain for Data Security
5G
Autonomous Driving Level 5Conversational AI Platform
Self-Healing System TechnologyVolumetric Displays
Quantum Computing
AI PaaSDeep Neural Network ASICs
Smart Robots
Autonomous Mobile Robots Brain-Computer Interface
Smart WorkspaceBiochips
Digital TwinDeep Neural Nets (Deep Learning)
Carbon NanotubeIOT Platform
Virtual Assistants
Blockchain
Connected Home
Autonomous Driving Level 4
Mixed Reality
Augmented Reality
Flying Autonomous Vehicles
Edge AI
Exp
ect
ati
on
s
As of July 2018
©B3i 2018
Our experience – What do we have to do?
17 BFC EU 2018 | Getting Blockchain Out of The Lab and Into the Business: Delivering Real Solutions
Manage expectationsand be patient
Learn andEducate
Collaborate andEngage
©B3i 2018
Strong networkHow can YOU join?
18 BFC EU 2018 | Getting Blockchain Out of The Lab and Into the Business: Delivering Real Solutions
MEMBER
MEMBERSHIP
COMMUNITY
CONFERENCES
THINK TANK
TECHNICAL LIBRARY
FEEDBACK GROUP
COMMUNITY
©B3i 201819 BFC EU 2018 | Getting Blockchain Out of The Lab and Into the Business: Delivering Real Solutions
THANK YOU
[email protected] info: https://youtu.be/c1cRDi2DUaY
Top Related