The world’s financial industry is facing new challenges in a world that is everchanging and moving at seemingly faster rates – The future may be hard to predict, but need not be hard to prepare for. Insurers are grappling with the new, tougher business, investment and regulatory environments. The industry, however, also faces far broader challenges. Demographic shifts, the rise in power of the emerging markets and changing customer behaviour will all help shape the sector’s longer term future. Insurers who can anticipate and plan for change can create their own future. Others who are ‘fast followers’ will need to be agile enough to recognise the leaders and adopt similar strategies. The ‘survivors’ are likely to be focused on short-term performance. Which one are you?
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The Blockchain is The most important invention since the Internet Itself.
Marc AndreessenCo-Founder, Andreessen Horowitz
Blockchain technology will not only change the way we do payments, it will change the whole trading and settlement topic.
Oliver BussmannCIO UBS
What can Blockchain do for the Insurance Industry?
Blockchain technology can expanding the range of insurance products across places and by enabling nearly instantaneous adjustments of insurance coverage and pricing across space (and time).
Blockchain technology could transform insurance models, shifting from today’s predominantly centralised and spatially anchored paradigm to new models of peer-to-peer and mutual insurance platforms where location becomes relatively less material as a selection criteria.
As Blockchain technology expands the range of possible items that can be stored and recorded in a decentralised way, interesting Insurance applications could emerge in relation to accident or health data records, common data, and related notary functions.
Blockchains could shorten time perception through the tailoring of insurance products across space (coverage) and time (event-specific insurance).
Blockchain applications could change the way insurers mutualise. They could also support financial inclusion and new models of interactions between individuals and insurance providers, which could lead to additional benefits in terms of customer satisfaction, stability, confidence, transparency, and accountability.
Blockchain technology in insurance is likely to start with the use of smart contracts; the use of Blockchain as custodian depositories; and the development of digital integrity applications in relation to identity, data and history over time.
Down the line, Blockchain applications could support insurance product development and tailoring as well as the collection, assessment and management data, in relation to advanced analytics and Internet of Things solutions. Ultimately, how blockchain and related applications evolve will depend on people’s risk/reward appetites.
Blockchains are more reformative than disruptive:
1. Because they are about reforming and improving market.
2. Because they don’t work if centrally owned they encourage a consortium approach.
This has been demonstrated by R3 in banking and the Linux Foundation where companies that would otherwise be competitors collaborate to solve the fundamental building blocks they all need to deliver genuine value added innovations on. This removes expensive and time intensive duplication of task of commoditised infrastructure.
When applied to highly regulated markets like insurance this requires a huge coordination of many stakeholders including; incumbents, IT vendors, regulators etc.
We believe this makes it compulsory there is the combination of those skilled in understanding the complexities of applying Blockchain technology at an Enterprise level as well as an integration partner that can handle the scale of such a requirement.
In partnership with consultancies we bring together an industry’s market leaders to collectively learn and understand opportunities, risks and barriers to overcome.
Together we co-develop proof-of-concepts briefs to feed into an events format of vendors, entrepreneurs, hackers and investors to rapidly respond to real and immediate needs.
We connect internal teams from Enterprise to external innovations and marry their strategic goals and direction to deliver genuine and lasting value and partnerships.
We deliver this through intense 4 day events program:
1. Blockchain 101 for Enterprise (maybe 1 & 2 are merged)
2. POC Brief Creation
3. Hackers & Vendor Response
4. Enterprise & Investor Selection (for financing of startups)
We Get it
When it comes to enterprise digital innovation & change management, we understand the importance of education to the sales-cycle. This is none more so relevant than with emerging blockchain technologies. Filled with highly technical, fast moving and politicised debate it’s often confusing clients into a dangerous state of inertia. We are here to help you and your clients rapidly get up to speed with the emerging market. Blockchains represent the next phase of The Web, The Trust Web, and represent a sizeable chunk of the global $369.22 Billion Digital Transformation marketplace by 2020. At the nexus of converging trends such as; Big Data, Automation, Artificial Intelligence and Internet of Things blockchains are the only viable infrastructure for these trends to be both secured and scaled. This offers huge efficiencies and improved effectiveness for existing client cloud IT programs.
Act now, don’t be overtaken!
This represents an opportunity as big as The Web itself for your consultancy, and more importantly, your clients. Certainly one you can’t afford to miss out on. It raises new and important challenges, as well as opportunities, through the resulting decentralisation of tasks, whole functions and markets. If not responded to by enterprise it could lead to significant disruption to their existing market and worse, them losing significant share to competitors.
The Insurance Blockchain Hackathon
We plan to run a hackathon for developers to help think about and design new potential solutions for the insurance industry when it comes to using Blockchain technology.
The Insurance Blockchain Hackathon will kicks off on a Friday running through to Sunday for a weekend of hacking — where Blockchain specialists, coders, developers, designers, entrepreneurs, hardware hackers, UX and UI specialists, data scientists and others come together and brainstorm over a couple of days and build out their ideas in a short term innovation event known as a hackathon. By tapping into API’s and SDK’s made available by technology companies currently, as well as scores of publicly available APIs, developers worked together with other participants to cultivate new ways of tackling old problems.
Why should the Insurance Industry support a Blockchain Hackathon?
Educate – Do you have APIs and SDKs in your insurance company that needs a developer community to really start building on it?
Recruit – Do you want to tap into a pool of talent that is already eager to build insurance industry solutions at Hackathons?
Ideas – Are you looking for smart solutions and new ideas to incorporate into your business?
Outsourcing – Do you want to explore the idea of outsourcing innovation in the future? Start with a hackathon.
Kickstart – Do you want to kickstart your R&D department into building new products in the Blockchain arena?
Exposure – Do you want to associate your insurance brand with a cool new event that is aligned with Millennials and younger demographics?
Learn – Are you looking for feedback on your products from the Hacker community?
Collaboration – Do you want to involve your company in a project that promotes open innovation and cross-pollination across boundaries and silos?
Why will hackers attend the Insurance Blockchain Hackathon?
1. Because the insurance companies who sponsor the hackathon will offer substantial cash prizes for winning ideas that either solve problems in industry or open blue ocean and create new opportunities.
2. Because they want to build the next great startup and this is the place to experiment and challenge them with the latest Blockchain technology as it relates to insurance industry.
3. Because sitting around a dorm room at university or at home is full of distractions whereas hackathons are all about focus and getting things done. Hackers are motivated to come out and get things done in a pressure cooker.
4. Because the opportunity to present to a jury full of decision makers in the insurance industry is a great opportunity to get their talent in front of influential people who are paying attention.
5. Because it’s great to meet new people who share their interests. And meet people who come from different sectors, cultures and have different skillsets who have in interest in the insurance industry.
6. Because we don’t do Pizza and Red Bull, we do Fresh Food and great drinks (as well as fresh juices, real coffee, and mineral water).
7. Because they just want to build cool stuff.
8. Because we, as organisers, are longtime hackers and understand hacker culture and take good care of the attendees.
We are bringing in top experts to help you learn more about Blockchain theory and technology, with multiple content streams that will include some of the finest blockchain theorists and practitioners in the world to help you understand what Blockchain can do for your industry and your company.
We will run a Blockchain hackathon to stimulate innovation at the earliest stage and bring together corporate sponsors with APIS and merge them with developers, designers, and innovators in a short term, gamified, innovation event.
We are taking first Chain Summit Insurance Blockchain Bootcamp to London for the Insurance industry. Join us and prepare for the future!
We will offer a special programme for Agencies (Deloitte, Accenture, McKinsey & Company , The Boston Consulting Group, Capgemini, PWC, Ernst & Young, KPMG and others) to bring in a clients from the Insurance indusry and work out a brief based on sessions at Chain Summit.